Excerpt from Some Aspects of the Inequality of Incomes, in Modern Communities
While studying economics at Cambridge in 1909-10, I became specially interested in those books, or parts of books, which set out to discuss the distribution of income. I gradually noticed, however, that most "theories of distribution" were almost wholly concerned with distribution as between "factors of production." Distribution as between persons, a problem of more direct and obvious interest, was either left out of the textbooks altogether, or treated so briefly, as to suggest that it raised no question, which could not be answered either by generalisations about the factors of production, or by plodding statistical investigations, which professors of economic theory were content to leave to lesser men.
This state of things appeared to me to be very unsatisfactory, and my opinion was strengthened, when I read certain criticisms by Professor Cannan upon existing theories of distribution and still more when, at a later stage, I came into personal contact with his teaching in London.
In 1911 I was elected to the Hutchinson Research Studentship at the London School of Economics, and began a study of the causes of the inequality of incomes in modern communities, with special reference to the effects of inherited wealth. But this scheme gradually broadened in several directions. In the first place I was led to examine more closely the historical development of the theory of distribution.
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