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Lectures on Political Economy, Volume II: Money

  • Lectures on Political Economy by Knut Wicksell
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Tags Capital and Interest TheoryValue and Exchange

01/02/1935Knut Wicksell

Knut Wicksell was a Swedish economist who had an enormous influence on Austrian economics and Ludwig von Mises. This might be his most compelling book: lectures delivered over the course of an entire career, covering both general and specific economics problems.

Author:

Knut Wicksell

Knut Wicksell (1851-1926) was a Swedish economist who did pioneering work on the theory of interest. He distinguished between the money rate of interest and the “natural” rate, i.e., the rate of interest that would prevail in the absence of money. Ludwig von Mises was greatly influenced by this idea and developed on its basis a theory of the business cycle in The Theory of Money and Credit (1912). Wicksell also was an important contributor to the theory of public finance. His “unanimity principle” as a criterion of public policy was a major influence on the Public Choice School and figures prominently in The Calculus of Consent, by James Buchanan and Gordon Tullock.

References

Fairfield, NJ: Augustus M. Kelley Publisher, 1978.

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