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Wicksell On Walras’S Early Treatment Of Capital And Interest

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  • Imperia, Andrea
  • Maffeo, Vincenzo
  • Ravagnani, Fabio

Abstract

In this paper we examine the criticism that Knut Wicksell advanced against Léon Walras’s treatment of capital and interest at the end of the nineteenth century, as well as the views of two distinguished followers of Walras concerning the points raised by the Swedish economist. As regards the first aspect, it should be noted that the criticism put forward by Wicksell at that time refers to the earlier editions of the Éléments, in which circulating capital is excluded from the analysis. We thus endeavor to clarify Wicksell’s remarks on the consequences of that exclusion for both the representation of the social production process and the determination of the interest rate. As to the second aspect, our discussion indicates that the appropriate way of treating the capitalistic element of production was an unsettled issue within the small circle of Walras’s followers at the end of the nineteenth century.

Suggested Citation

  • Imperia, Andrea & Maffeo, Vincenzo & Ravagnani, Fabio, 2018. "Wicksell On Walras’S Early Treatment Of Capital And Interest," Journal of the History of Economic Thought, Cambridge University Press, vol. 40(1), pages 41-56, March.
  • Handle: RePEc:cup:jhisec:v:40:y:2018:i:01:p:41-56_00
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    Cited by:

    1. Di Bucchianico, Stefano, 2019. "The Impact of Financialization on the Rate of Profit: A Discussion," Centro Sraffa Working Papers CSWP36, Centro di Ricerche e Documentazione "Piero Sraffa".

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