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From Austrian Economics To The Swedish Welfare State: Wicksellian Views On Money And Income Distribution

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  • Hans-Michael Trautwein

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Abstract

The redistribution of incomes is a recurrent theme in the works of Wicksell, Hayek and the Stockholm School, which focused on interest-rate misalignments and subsequent imbalances of investment and saving. Distributional issues were also at the centre of the policy concepts that later came to be known as “the Swedish model”. Yet, with few exceptions, Wicksellian analysis of the transmission of monetary impulses to income distribution and its feedbacks is surprisingly meagre. This paper analyses the links and gaps between distributive and monetary discourses in the Wicksellian literature. It shows that the nature of the gaps changed from failures to overcome the neoclassical dichotomy of general equilibrium and monetary theory to historical disjunctions in pre- and post-war policy regimes.

Suggested Citation

  • Hans-Michael Trautwein, 2011. "From Austrian Economics To The Swedish Welfare State: Wicksellian Views On Money And Income Distribution," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 61, pages 51-90.
  • Handle: RePEc:cpo:journl:y:2011:i:61:p:51-90
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    Cited by:

    1. Nicolas Barbaroux & Michel Bellet, 2013. "Monetary policy and value judgments. Did we forget Myrdal's legacy?," Post-Print halshs-00759880, HAL.
    2. Nicolas Barbaroux & Michel Bellet, 2014. "Monetary Policy and Value Judgments : Did we forget Myrdal’s legacy ?," Working Papers 1408, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.

    More about this item

    Keywords

    Wicksell. Stockholm School. Swedish Model. monetary theory. income distribution;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • D30 - Microeconomics - - Distribution - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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