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The Legacy of Knut Wicksell to Capital Theory


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  • Edmond Malinvaud
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    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. We now 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. Challenges remain, particularly regarding the best way to account for complementarities and substitutions over time. Copyright The editors of the "Scandinavian Journal of Economics", 2003 .

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    Article provided by Wiley Blackwell in its journal The Scandinavian Journal of Economics.

    Volume (Year): 105 (2003)
    Issue (Month): 4 (December)
    Pages: 507-525

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    Handle: RePEc:bla:scandj:v:105:y:2003:i:4:p:507-525

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    Cited by:
    1. Saverio M. Fratini, 2011. "The Hicks-Malinvaud average period of production and 'marginal productivity': a critical assessment," Departmental Working Papers of Economics - University 'Roma Tre' 0128, Department of Economics - University Roma Tre.


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