Knut Wicksell: Selected Essays in Economics by Bo Sandelin

By Bo Sandelin

This publication, in addition to its predecessor, makes such a lot of Wicksell's most vital contributions available to English talking readers for the 1st time. The essays accumulated the following concentrate on funds and cost conception and contain Wicksell's publication stories of Leon Walrus, Ludwig von Mises and John Bates Clark.

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Extra info for Knut Wicksell: Selected Essays in Economics

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Davidson objects that if commodity prices fall to begin with, entrepreneurial profits have also gone down, or in other words, the natural, real rate of interest is again on a par with the money rate of interest, so that everything will now come into equilibrium at the lower prices that have thus arisen. I regret that I failed to analyse this point properly last time. If it were correct, this objection would suggest a real lacuna in my theory (or hypothesis). But is it correct? As far as I can see, it depends on the tacit assumption that real capital has also grown at the same rate as productivity.

Conversely in the case of unfavourable states of the market, bad times. It almost appears from this as if for Helfferich, the increased demand for commodities intended for the requirements of consumption were the primary factor in this process, in other words, as if according to him, a boom in business were initiated by everybody suddenly beginning to live beyond their means and demanding goods and services in greater quantities than justified by their incomes up to this point. But matters really cannot be thought of in this way.

Again, against all proposals for a thoroughly worked out regulation of the monetary system, Helfferich advances in the first place and of course with some justification, the maxim ‘non liquet’: our knowledge of the laws governing changes in the value of money, he says, is still far too imperfect and rudimentary for us to be able to base any very farreaching practical measures on it; any attempt in this direction is therefore 23 MONEY AND PRICES largely a leap in the dark. Further, he stresses the great practical difficulties involved in realizing all such plans.

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