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More than ethical and factual questions are involved in the issue of inequality. In an economy such as ours the distribution of income is to a large extent a market-determined phenomenon, the outcome of which depends not only on the pattern of ownership of productive resources, but of a price system, which places relatively high values on units of resources in scarce supply relative to the demand of them, and lower values on relatively more abundant resources.

This Norton series (Problems of the Modern Economy) of inexpensive paperbound books is meeting the demands of economics instructors for more intensive readings on current issues of public policy than are offered in omnibus economics readers. Each volume in the series draws together prominent positions in the debate of an important policy issue, positions that demonstrate how the principles of economics can be applied to major economic problems.

Edward C. Budd

Edward C. Budd is Professor of  Economics at Pennsylvania State University and serves as consultant to the Office of Business Economics, U.S. Department  of Commerce. He received both A.B. and Ph.D. from the University of California at Berkley. He previously taught at the University of Illinois, The University of Oregon, and Yale University, and has served as price economist with the Office of Price Administration.