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The Classical Theory of Income Distribution and Inequality

Author

Listed:
  • Hristo Mavrov

    (University of Economics - Varna, Bulgaria)

Abstract

The paper examines the classical distribution theory. The main conclusions of the analysis are firstly that the classical economists accept the action of the invisible hand of the market and for them inequality obtained as a result of the competitive market mechanism is fair. The second conclusion is that for the classics there is a clear relationship between the functional and personal distribution of income. The third conclusion is that income distribution matters for economic growth and should not be ignored.

Suggested Citation

  • Hristo Mavrov, 2022. "The Classical Theory of Income Distribution and Inequality," Scientific Conference of the Department of General Economic Theory, University of Economics - Varna, issue 1, pages 47-54.
    • Handle: RePEc:vrn:oitcon:y:2022:i:1:p:47-54
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    File URL: https://conference.ue-varna.bg/oit2022/assets/Sbornik_dokladi_OIT_2022.pdf
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    More about this item

    Keywords

    Classical theory; Income distribution; Inequality;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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