THE THEORETICAL CONTRIBUTIONS OF KNUT WICKSELL

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1 THE THEORETICAL CONTRIBUTIONS OF KNUT WICKSELL

2 In the same series Edited by Peter Bohm and Allen V. Kneese THE ECONOMICS OF ENVIRONMENT Edited by Jan Herin, Assar Lindbeck and Johan Myhrman FLEXIBLE EXCHANGE RATES AND STABILIZATION POLICY Edited by Steinar Strem and Lars Werin TOPICS IN DISEQUILIBRIUM ECONOMICS

3 THE THEORETICAL CONTRIBUTIONS OF KNUT WICKSELL Edited by Steinar Strom University of Oslo a.nd Bjorn Thalberg University of Lund

4 The Scandinavian Journal oj Economic8 1978, 1979 English translation of "The Theory of Population, its Composition and Changes" Goran Ohlin 1977 Softcover reprint of the hardcover 1st edition All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission The proceedings on pp were originally published in The Scandinavian Journal oj Economic8, Vol. 80, 1978, No.2 Fir8t published in bookjorm 1979 by THE MACMILLAN PRESS LTD London and Basing.<toke A880ciated companie8 in Delhi Dublin Hong Kong Johannesburg Lag08 Melbourne New York Singapore Tokyo British Library cataloguing In Publlcatlon Data Arne Ryde Symposium on the Theoretical Contributions of Knut Wicksell, Fro8tavallen, 1977 The theoretical contributions of Knut Wicksell I. Wicksell, Knut-Congresses I. Title II. Strem, Steinar III. Thalberg, Bjorn IV. Lunds Universitet. Institute oj Economic8 V. "Scandinavian journal of economics" HB1l6.S ISBN ISBN (ebook) DOI /

5 CONTENTS Introduction Bj6rn Thalberg vii The Life of Knut Wicksell and Some Characteristics of His Work Tor8ten Gtlrdlund On the Relation between Keynesian Economics and the "Stockholm School" Don Patinkin 7 Keynesian Economics and the Stockholm School. A Comment on Patinkin's Paper Bertil Ohlin 17 Wicksell's Influence on Frisch's Macroeconomics in the Thirties JeM Andvig Wicksell, Bowley, Schumpter and the Dull's Eyes Ingolf Sthdl Wicksell Effects and Reswitchings of Technique in Capital Theory Luigi L. PMinetti Wicksell and the Malthusian Catastrophe By Richard Goodwin The Long-run Rate of Profit in an Economy with Natural Resource Scarcity Michael Hoel Wicksell on the Currency Theory vs. the Banking Principle Trygve Haavelmo The Long-run Demand for Money-A Wicksellian Approach Lar8 Jonung Introduction to the Publication of Knut Wicksell's Lectures on the Economic Consequences of the First World War (1919) Bj6rn Thalberg 103 The World War: An Economist's View Knut Wick8ell The Theory of Population, its Composition and Changes Kntt Wick8ell

6 INTRODUCTION: THE ARNE RYDE SYMPOSIUM ON THE THEORETICAL CONTRIBUTIONS OF KNUT WICKSELL* In the Fall of 1977, The Institute of Economics at the University of Lund arranged a symposium on the theoretical contributions of Knut Wicksell and the subsequent development of his ideas by other theorists. The symposium was financed by the Arne Ryde Foundation.l The aim of the symposium was to examine the effects of Wicksell's ideas on the development of economic theory and to discuss the assertion that-fifty years after his death and seventy-five years after he was appointed Professor at the University of Lund-"Wicksell's message is not yet exhausted". The symposium attracted about eighty participants, mostly teachers and research students from the Nordic countries. As the ideas of Wicksell generally lie within the core of economic theory, our discussions centered around fundamental questions of a purely theoretical nature. The seventeen papers presented at the meeting touched on many problems in a variety of fields. The papers may by and large be divided into three groups. Some deal with questions concerning the history of economic thought, where the central theme is the relation between WickseiJ and "the Stockholm School" on one hand and Keynesian economics on the other, with particular emphasis on Wicksell's influence on Keynes and Frisch. Torsten Glirdlund's eminent introductory talk on Knut WickselJ as a scientist may also be included in this context. A second group concerns problems in capital and growth theory, frequently based on Wicksell's model of wine (or wood) production and his analysis of the Akerman problem. Third, some of the papers treat issues related to monetary theory, where a common point of reference is Wicksell's concept of the "natural" and "money rate" of interest and his analysis of the "cumulative process". Whereas a few of the papers are to be published elsewhere or as part of dissertations, the bulk of the papers presented at the symposium are included in this volume. The Institute of Economics at the University of Lund wishes to thank the editors of The Scandinavian Journal of Economics for devoting this special issue of the Journal to our Wicksell symposium. Bjorn Thalberg * Held at Frostavallen, Sweden, September 19-20, University of Lund, Sweden 1 Arne Ryde was a very promising young doctorate student at the Institute of Economics, Lund, who died after an automobile accident in We are most grateful to the founders of the Arne Ryde Foundation, who have made it possible for us to undertake arrangements such as this, for which our ordinary resources are not applicable.