The Classical Theory of Income Distribution and Inequality

Hristo Mavrov
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Hristo Mavrov: University of Economics - Varna, Bulgaria

Scientific Conference of the Department of General Economic Theory, 2022, issue 1, 47-54

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.

Keywords: Classical theory; Income distribution; Inequality (search for similar items in EconPapers)
JEL-codes: B12 D33 D63 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:oitcon:y:2022:i:1:p:47-54

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