A new vision on the distribution of income and wealth

Assen Radev,

Economic Thought journal, 2003, issue 3, 101-112

Abstract: The globalization of the contemporary world rapidly changes the economic theories, principles and systems. However, conservatism is still in force in many respects. An attesting example is the system of distribution of income, which even today, has for its basis classical and neoclassical views dating back to Smith, Ricardo and A. Marshal. This article examines a new system of factors of production and on this basis a conclusion is drawn that the classical system has become obsolete in this respect. The new factors of exclusive importance to the efficient distribution of the resources and the productivity of labor are the sum of the knowledge accumulated during the historical process, and the economic system constituted in the progress of the historical process. On the basis of these factors inherited by the people of this generation and the product created with their assistance, the theoretical (as of this moment) possibility for a new, more equitable, system of distribution of income and wealth is examined.

JEL-codes: E25 E64 (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econth:y:2003:i:3:p:101-112

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