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Income distribution, effective demand and accumulation

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  • Fernando J. Cardim de Carvalho

Abstract

The paper presents a survey of the main theoretical schools approaching thedetermination of income distribution profiles. This question has been the core of economictheory since its birth, with Adam Smith. Classical Political Economy had its focus on therelations between functional income distribution and the development process, proposingthat growth could be promoted by an increase in the profit share of national income.Neoclassical economics maintained the focus on functional distribution, relating it, however,to a notion of relative scarcity of factors of production. Keynes’s General Theory changedthe emphasis to personal distribution that would be related to the formation of the variouselements of aggregate demand. Post Keynesian studies tried to relate Keynes’s views toclassical insights on income distribution. The paper ends with a brief examination of somestudies on Brazilian income distribution profiles. JEL Classification: B12; B22; E25.

Suggested Citation

  • Fernando J. Cardim de Carvalho, 1991. "Income distribution, effective demand and accumulation," Brazilian Journal of Political Economy, Center of Political Economy, vol. 11(3), pages 342-361.
    • Handle: RePEc:ekm:repojs:v:11:y:1991:i:3:p:342-361:id:1469
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    Keywords

    Income distribution; history of economic thought;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution

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