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The Legacy of Knut Wicksell to Capital Theory

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  • Edmond Malinvaud

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. 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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  • Edmond Malinvaud, 2003. "The Legacy of Knut Wicksell to Capital Theory," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(4), pages 507-525, December.
  • Handle: RePEc:bla:scandj:v:105:y:2003:i:4:p:507-525
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    Cited by:

    1. Saverio M. Fratini, 2014. "The Hicks-Malinvaud average period of production and 'marginal productivity': A critical assessment," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(1), pages 142-157, February.
    2. Khan, M. Ali, 2016. "On a forest as a commodity and on commodification in the discipline of forestry," Forest Policy and Economics, Elsevier, vol. 72(C), pages 7-17.
    3. Fratini, Saverio M., 2017. "Neoclassical theories of stationary relative prices and the supply of capital," MPRA Paper 76343, University Library of Munich, Germany.

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