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Apr 29, 2024 · Knut Wicksell was a Swedish economist, the foremost in his generation and internationally renowned for his pioneering work in monetary theory. In Geldzins und Güterpreise (1898; Interest and Prices, 1936) he propounded an explanation of price-level movements by an aggregate demand–supply analysis.
- History of John Gustav Knut Wicksell
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John Gustav Knut Wicksell was the founder of the Swedish School of Economics. He studied the economic theories of Mill, Karl Menger and Bohm-Bawerk for five years. After obtaining his Ph.D. degree in 1895, he became the professor of Economics in 1901 of the University of Lund. Wicksell’s main writings are: Interest and Prices (1898), Value, Capital...
1. Economic Science:
Wicksell used the term ‘Political Economy” in a wider sense. It has been considered both as a theoretical and practical science. As a theoretical science, it is a statement of economic laws, based on simple assumptions. As a practical science, it examines the question of application of these laws to solve practical problems of real life. It deals with economic policy.
2. Competition:
Wicksell considered perfect competition as good as far as it leads to an optimum allocation of resources and reduces the prices of commodities to its marginal cost. Further the rewards of the productive factors should be determined according to their marginal productivity. At the same time, Wisksell felt that the welfare of the society depends on an equal distribution of income and wealth. So in this regard he welcomed state-intervention.
3. Economic Policy:
Even though most of Wicksell’s writings contained theoretical analysis, he had a definite attitude towards economic policy. He was a strong socialist. He was of the opinion that the welfare oriented economic policy must aim for: (a) An optimum allocation and full utilisation of resources and (b) Equality of income, wealth and economic opportunities. For achieving these, he suggested that a ‘revolutionary programme’ must be adopted. This programme includes: (a) expansion of public sector, (b)...
J.F. Bell remarks, “Wicksell’s craftsmanship is at its best in the clarity of expression showing the interdependence of economic factors”. His marginal productivity theory of distribution is one of his important contributions to economic theory. His theory of interest shows his originality.
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Johan Gustaf Knut Wicksell (December 20, 1851 – May 3, 1926) was a Swedish economist of the Stockholm school. His economic contributions would influence both the Keynesian and Austrian schools of economic thought. He was married to the noted feminist Anna Bugge.
Home. | CEE. | 1st edition. | Biographies. | Knut Wicksell. [An updated version of this biography can be found at Knut Wicksell in the 2nd edition.] E conomist Knut Wicksell made his name among the Swedish public with a series of provocative lectures on the causes of prostitution, drunkenness, poverty, and overpopulation.
Book Reviews 173. Wicksell, Knut: Selected Essays in Economics. Volume I. Edited by Bo Sandelin and translated by Timothy Chamberlain and Julie Sundqvist, Routledge, 1997, 267 pp. ISBN 0415-15512-6. Wicksell, Knut: Selected Essays in Economics. Volume II.
Johan Gustaf Knut Wicksell (December 20, 1851 – May 3, 1926) was a Swedish economist, often regarded as the father of the Stockholm School of Economics. His work attempted to synthesize three theoretical approaches to economics—the Lausanne school, the Austrian school , and the Ricardians .
Knut Wicksell, 1851–1926: Interest and Prices. In: A Concise History of Economic Thought. Palgrave Macmillan, London. https://doi.org/10.1057/9780230505803_25
