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A new vision on the distribution of income and wealth

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  • Assen Radev,

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.

Suggested Citation

  • Assen Radev,, 2003. "A new vision on the distribution of income and wealth," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 101-112.
    • Handle: RePEc:bas:econth:y:2003:i:3:p:101-112
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    References listed on IDEAS

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    1. Charles I. Jones, 1997. "On the Evolution of the World Income Distribution," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 19-36, Summer.
    2. Mill, John Stuart, 1848. "Principles of Political Economy (III): Exchange," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 3, number mill1848-3.
    3. Mistiaen, Johan A. & Ravallion, Martin, 2003. "Survey compliance and the distribution of income," Policy Research Working Paper Series 2956, The World Bank.
    4. Mill, John Stuart, 1848. "Principles of Political Economy (I): Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number mill1848-1.
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    More about this item

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy

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