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| Author: | Malinvaud, E. |
| Title: | The legacy of Knut Wicksell to capital theory |
| Journal: | Scandinavian Journal of Economics
2003 : VOL. 105:4, p. 507-525 |
| Index terms: | Capital theory Time |
| Freeterms: | Comparative analysis |
| Language: | eng |
| Abstract: | Wicksell's contributions to capital theory focused on stationary states in four distinct models intended to account for the time dimension of production in market economies. Now we have a better understanding of the true challenges because of two developments: a full theory of intertemporal general equilibria and a methodology for comparative analysis as explained by Hicks. In Wicksell's equilibria, the real interest rate turns out to be equal to the marginal productivity of the volume of social capital, a concept that Wicksell could not master and hence avoided. |
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