1302:. Recall that the start of the Quantity theory's mechanism is a helicopter drop of cash: an exogenous increase in the supply of money. Wicksell's theory claims, indeed, that increases in the supply of money leads to rises in price levels, but the original increase is endogenous, created by the relative conditions of the financial and real sectors. With the existence of credit money, Wicksell argued, two interest rates prevail: the "natural" rate and the "money" rate. The natural rate is the return on capital – or the real profit rate. It can be roughly considered to be equivalent to the marginal product of new capital. The money rate, in turn, is the loan rate, an entirely financial construction. Credit, then, is perceived quite appropriately as "money". Banks provide credit, after all, by creating deposits upon which borrowers can draw. Since deposits constitute part of real money balances, therefore the bank can, in essence, "create" money.
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Finally, for
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and defined it as that interest rate which is compatible with a stable price level. If the interest rate falls short of the natural rate, inflation is likely to arise; if the interest rate exceeds the natural rate, this will tend to produce deflation. An interest rate that coincides with the natural
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is violated and abandoned by the wayside. Namely, when real aggregate supply does constrain, inflation results because capital goods industries cannot meet new real demands for capital goods by entrepreneurs by increasing capacity. They may try but this would involve making higher bids in the factor
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Extending from
Ricardo's investigation of income distribution, Wicksell concluded that even a totally unfettered economy was not destined to equalize wealth as a number of Wicksell's predecessors had predicted. Instead, Wicksell posited, wealth created by growth would be distributed to those who had
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Wicksell's main thesis, that disequilibrium engendered by real changes leads endogenously to an increase in the demand for money – and, simultaneously, its supply as banks try to accommodate it perfectly. Given full employment (a constant Y) and payments structure (constant V), then in terms of the
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based on central bank policy – changes in the level of money in the economy would shift the market rate of exchange in some way relative to the natural rate, and thus trigger a change in the relative proportion of the production of consumer goods to investment, which would ultimately result in an
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Wicksell also expressed his views on many social issues and was often a critic of the status quo. He questioned the institutions of rank, marriage, the church, the monarchy, and the military. While
Wicksell fought for a more equal distribution of wealth and income, he saw himself primarily as an
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Economics in Sweden at the time was taught as part of the law school, and
Wicksell was unable to gain a chair until he was awarded a law degree. Accordingly, he returned to the University of Uppsala where he completed the usual four-year law degree course in two years, and he became an associate
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prices. Wicksell's theory was considerably more complicated, beginning with interest rates in a system of changes in the real economy. Although both economists concluded from their theories that at the heart of the business cycle (and economic crisis) was government monetary policy, their
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on
December 20, 1851. His father was a relatively successful businessman and real estate broker. He lost both his parents at a relatively early age. His mother died when he was only six, and his father died when he was fifteen. His father's considerable estate allowed him to enroll at the
1323:"money illusion". However, we should remind ourselves that, for Wicksell, in the long run, the Quantity Theory still holds: money is still neutral in the long run, although to do so, Wicksell has broken the Neoclassical principles of dichotomy, money supply exogeneity and Say's law.
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economic correction, or recession, in which the proportion of production of consumption goods to investment in the economy is pushed back towards the level that the natural rate of interest would result in. The cumulative process was the leading theory of the business cycle until
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called attention to the significance of the rules within which choices are made by political agents, and he recognized that efforts at reform must be directed toward changes in the rules for making decisions rather than trying to influence the behaviour of the actors.
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He received his first degree in two years, and he engaged in graduate studies until 1885, when he received his doctorate in mathematics. In 1887, Wicksell received a scholarship to study on the
Continent, where he heard lectures by the economist
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market which itself is supply-constrained – thus raising factor prices and hence the price of goods in general. In short, inflation is a real phenomenon brought about by a rise in real aggregate demand over and above real aggregate supply.
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As a lecturer at
Uppsala, Wicksell attracted attention because of his opinions about labour. At one lecture, he condemned drunkenness and prostitution as alienating, degrading, and impoverishing. Although he was sometimes identified as a
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In 1916, he retired from his post at Lund and took a position at
Stockholm advising the government on financial and banking issues. In Stockholm, Wicksell associated himself with other future great economists of the so-called
1183:, and sought a synthesis of the three theoretical visions of the economy. Wicksell's work on creating a synthetic economic theory earned him a reputation as an "economist's economist." For instance, although the
1195:, Wicksell presented a far simpler and more robust demonstration of the principle, and much of the present conception of that theory stems from Wicksell's model. Wicksell's (1898, 1906) theory of the "
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equation of exchange, MV = PY, a rise in M leads only to a rise in P. Thus, the story of the
Quantity theory of money, the long-run relationship between money and inflation, is kept in Wicksell.
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Boianovsky, Mauro; Erreygers, Guido (2005). "Social comptabilism and pure credit systems. Solvay and
Wicksell on monetary reform", in : Fontaine, Philippe, Leonard, Robert, (ed.),
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He made contributions to theories of population, value, capital and money, as well as methodological contributions to econometrics. His economic contributions would influence both the
1211:, Wicksell defended a place for government intervention to improve national welfare. Wicksell influenced the field of constitutional political economy. His 1896 work on fiscal theory
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has especially praised Wicksell's advocacy of using the interest rate to maintain price stability, noting that it was a remarkable insight when most monetary policy was based on the
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Elements of his public policy were taken strongly to heart by the Swedish government, including his price-level targeting rule during the 1930s (Jonung 1979) and his vision of a
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equal to the interest rate on loans, investment demand and savings would differ. If the interest rate is beneath the natural rate, an economic expansion occurs, and prices,
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Wicksell's theory of the "cumulative process" of inflation remains the first decisive swing at the idea of money as a "veil". Wicksell's process has its roots in that of
1429:(Woodford, 2003, p. 32). Woodford calls his own framework 'neo-Wicksellian', and he titled his textbook on monetary policy in homage to Wicksell's work.
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1990:
Carlson, Benny and Lars Jonung. "Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin and Gunnar Myrdal on the Role of the Economist in Public Debate".
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rate ensures equilibrium in the commodity market and produces price level stability. This theory was adopted and expanded upon by the
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1868:""Too Bad to Be True": Swedish Economists on Keynes's The Economic Consequences of the Peace and German Reparations, 1919–29"
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2077:"Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin and Gunnar Myrdal on the Role of the Economist in Public Debate"
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2254:. Stockholm economic studies, 0348-3614 ; N.S., 2. Translated by Adler, Nancy. Stockholm: Almqvist & Wicksells.
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disagreement would not be solved in their lifetimes, and indeed, it was inherited by the policy debates between the
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Carlson, Benny; Jonung, Lars (2024), Tooze, Adam; Corsetti, Giancarlo; Obstfeld, Maurice; Clavin, Patricia (eds.),
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Wicksell's most influential contribution was his theory of interest, originally published in German language as
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Jonung, Lars (1979). "Knut Wicksell's norm of price stabilization and Swedish monetary policy in the 1930s".
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Ludwig, Van den Hauwe (1999). "Public Choice, Constitutional Political Economy and Law and Economics".
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educator of the public. He desired to influence more than just the field of monetary economics.
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Knut Wicksell on Poverty: No place is too exalted for the preaching of these doctrines
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professor at that university in 1899. The next year, he became a full professor at
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happened when (due to monetary expansions) the spot interest rate fell below the
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became available in 1936; a literal translation of the original title would read
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Keynes's Economic Consequences of the Peace after 100 Years: Polemics and Policy
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and other aspects of public policy, attracting considerably more interest.
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Knut Wicksell’s critique of market fundamentalism-Lars Pålsson Syll
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The Annals of the American Academy of Political and Social Science
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schools of economic thought. He was married to the noted feminist
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Wicksell and origins of modern monetary theory-Lars PĂĄlsson Syll
1821:"The Life of Knut Wicksell and Some Characteristics of His Work"
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Interest and Prices: Foundations of a Theory of Monetary Policy
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Wicksell died in 1926 while he was writing a final work on the
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997:. He was professor at Uppsala University and Lund University.
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wealth in the first place. From this, and from theories of
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Parts of Wicksell's ideas would be expanded upon by the
1110:, where he would undertake his most influential work.
1086:(1892), went largely unnoticed. In 1896, he published
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The General Theory of Employment, Interest and Money
1281:," implied that if the natural rate of interest was
1377:, who espoused a more succinct explanation of the
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2192:http://www.econ.ucla.edu/workingpapers/wp165.pdf
989:(December 20, 1851 – May 3, 1926) was a Swedish
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2075:Carlson, Benny; Jonung, Lars (September 2006).
1874:, Cambridge University Press, pp. 99–129,
1765:"The Legacy of Knut Wicksell to Capital Theory"
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1071:, his solution to the problem was decidedly
2190:Axel Leijonhufvud, The Wicksell Connection
1369:Wicksell's main intellectual rival was the
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2070:The experiment in the history of economics
2017:
1718:"Knut Wicksell, A Pioneer of Econometrics"
1291:, will rise. This gave an early theory of
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1517:Schools of thought influenced by Wicksell
1163:Wicksell was enamored with the theory of
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1624:, pdf), Ludwig von Mises Institute, 2007
1335:, which used it to form a theory of the
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1580:and imprisoned for two months in 1910.
1141:Secretary-General of the United Nations
1088:Studies in the theory of Public Finance
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284:Measures of national income and output
2459:Marxian critique of political economy
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1825:The Scandinavian Journal of Economics
1769:The Scandinavian Journal of Economics
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1995:. Volume 3, Issue 3, September 2006.
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1610:), Ludwig von Mises Institute, 2007
1381:, resting it almost exclusively on
1248:Money Interest and Commodity Prices
1242:, in 1898. The English translation
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2102:The Encyclopedia of Libertarianism
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2909:Academic staff of Lund University
2904:20th-century Swedish male writers
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1951:Encyclopedia of Law and Economics
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1433:Economists influenced by Wicksell
1250:. Wicksell invented the key term
1213:Finanztheoretische Untersuchungen
2763:History of macroeconomic thought
2588:Neoclassical–Keynesian synthesis
2214:Library of Economics and Liberty
1781:10.1111/j.0347-0520.2003.00001.x
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1576:, Wicksell was deemed guilty of
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1394:beginning a half-century later.
1366:" theory of the business cycle.
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2879:19th-century Swedish economists
2844:Swedish prisoners and detainees
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1999:
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1277:This contribution, called the "
2154:. Princeton University Press,
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1269:unhampered money market rate.
889:Publications in macroeconomics
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2834:People convicted of blasphemy
2753:Critique of political economy
2083:Journal of Monetary Economics
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1614:Lectures on Political Economy
1356:Circular Cumulative Causation
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2899:20th-century Swedish writers
2889:19th-century Swedish writers
2661:Rational expectations theory
2094:"Wicksell, Knut (1851–1926)"
1689:Wicksell's theory of capital
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1187:– the idea that payments to
1185:marginal productivity theory
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2758:History of economic thought
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1417:, as fundamental to modern
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2666:Real business-cycle theory
2150:Woodford, Michael (2003).
2118:10.4135/9781412965811.n329
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2007:"Knut Wicksell, 1851–1926"
1969:, Mises Institute website.
1920:10.1177/000271629700900112
1819:GĂĄrdlund, Torsten (1978).
1763:Malinvaud, Edmond (2003).
1598:Ludwig von Mises Institute
1261:, which theorized that an
987:Johan Gustaf Knut Wicksell
640:New neoclassical synthesis
623:Real business-cycle theory
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2251:The Life of Knut Wicksell
2209:Knut Wicksell (1851–1926)
1880:10.1017/9781009407540.006
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1232:Geldzins und GĂĽterpreise
645:Saltwater and freshwater
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2788:Post-autistic economics
1716:Ă…kerman, Johan (1933).
1604:Value, Capital and Rent
1544:Neo-Keynesian economics
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1084:Value, Capital and Rent
573:International economics
498:Overlapping generations
2839:Writers from Stockholm
2526:Modern Monetary Theory
2173:Works by Knut Wicksell
2024:Lundahl, Mats (2005).
1902:Scott, Wm. A. (1897).
1539:Neoclassical economics
1412:historian-of-economics
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916:Mathematical economics
667:Modern monetary theory
430:Universal basic income
2610:Keynes–Marx synthesis
2104:. Thousand Oaks, CA:
2032:. Routledge. p.
1657:Libertarianism portal
1574:Virgin birth of Jesus
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1189:factors of production
1173:Eugen von Böhm-Bawerk
1027:University of Uppsala
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731:Thomas Robert Malthus
568:Development economics
140:Thomas Robert Malthus
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2869:Financial economists
2798:World-systems theory
2778:Mainstream economics
2718:Technocracy movement
2698:Saltwater/freshwater
2112:. pp. 543–544.
2072:, London, Routledge.
1966:Interest and Prices.
1549:Public choice theory
1364:creative destruction
1221:Interest and Prices,
1096:progressive taxation
493:Ramsey–Cass–Koopmans
333:Liquidity preference
2854:Monetary economists
2783:Heterodox economics
2511:Capability approach
2387:American (National)
2369:School of Salamanca
1590:Interest and Prices
1470:John Maynard Keynes
1342:John Maynard Keynes
1244:Interest and Prices
948:Business portal
884:Macroeconomic model
761:John Maynard Keynes
558:Economic statistics
503:General equilibrium
106:Political economics
2419:English historical
2085:5, pp. 45–46.
1993:Econ Journal Watch
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1445:Karl Gustav Cassel
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2177:Project Gutenberg
1889:978-1-009-40755-7
1679:Benefit principle
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1360:Joseph Schumpeter
1029:in 1869 to study
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1684:Wicksell effect
1671:Politics portal
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1450:Friedrich Hayek
1435:
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1354:'s key concept
1333:Austrian school
1329:
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1288:ceteris paribus
1275:
1259:Austrian School
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1169:Lausanne school
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520:Matching theory
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23:Knut Wicksell
20:
2558:Evolutionary
2490:Contemporary
2469:Neoclassical
2414:Distributist
2359:Mercantilism
2346:Early modern
2263:. Retrieved
2250:
2218:Liberty Fund
2208:
2151:
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2082:
2069:
2027:
2019:
2010:
2001:
1992:
1986:
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1722:Econometrica
1721:
1613:
1603:
1589:
1584:Bibliography
1571:
1564:
1500:Don Patinkin
1495:Bertil Ohlin
1475:Erik Lindahl
1405:
1396:
1368:
1358:and also in
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1133:Erik Lindahl
1125:Bertil Ohlin
1117:
1104:
1100:public goods
1087:
1083:
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1065:
1048:
1019:
999:
986:
985:
861:Paul Krugman
806:Hyman Minsky
766:Alvin Hansen
745:
650:
649:
590:
553:Econometrics
530:Overshooting
483:Harrod–Domar
478:Arrow–Debreu
425:Central bank
392:Unemployment
382:Supply shock
340:Money supply
217:Disinflation
212:Demand shock
69:(1926-05-03)
2829:1926 deaths
2824:1851 births
2713:Supply-side
2636:Neo-Marxian
2449:Marginalism
2379:Late modern
2364:Physiocrats
2265:22 November
2234:|work=
2011:econlib.org
1914:: 142–144.
1392:monetarists
1314:Primarily,
1209:marginalism
1165:LĂ©on Walras
1123:," such as
1092:marginalism
1052:Carl Menger
1031:mathematics
741:LĂ©on Walras
635:Supply-side
468:Accelerator
377:Stagflation
362:Price level
257:Demand-pull
128:LĂ©on Walras
67:May 3, 1926
2818:Categories
2693:Regulation
2619:Monetarism
2605:Circuitism
2553:Ecological
2521:Chartalism
2501:Behavioral
2444:Manchester
2439:Malthusian
2397:Birmingham
2354:Cameralism
2338:Modern era
2312:Pre-modern
2136:2008009151
1700:References
1569:in 1887.
1567:Anna Bugge
1534:Monetarism
1415:Mark Blaug
1388:Keynesians
1373:economist
1159:Influences
1114:Later life
1073:Malthusian
1016:Early life
1010:Anna Bugge
796:John Hicks
726:Adam Smith
684:Circuitism
674:Ecological
662:Chartalism
613:Monetarism
591:Mainstream
488:Solow–Swan
463:Multiplier
420:Commercial
316:Endogenous
274:Investment
124:Influences
87:Anna Bugge
48:1851-12-20
2768:Economics
2703:Stockholm
2578:Keynesian
2543:Cracovian
2492:(20th and
2481:Socialist
2464:Mutualism
2407:Ricardian
2402:Classical
2236:ignored (
2226:cite book
2144:750831024
2052:819944552
1928:0002-7162
1845:0347-0520
1789:0347-0520
1742:0012-9682
1578:blasphemy
1529:Keynesian
1327:Reception
1316:Say's law
1201:Say's law
1069:socialist
1045:Education
1035:astronomy
1022:Stockholm
1002:Keynesian
991:economist
894:Economics
736:Karl Marx
651:Heterodox
630:Stockholm
596:Keynesian
367:Recession
262:Cost-push
252:Inflation
207:Deflation
114:tradition
75:Stocksund
56:Stockholm
2793:Degrowth
2728:Virginia
2568:Freiburg
2563:Feminist
2516:Carnegie
2506:Buddhist
2474:Lausanne
2429:Georgism
2392:Austrian
2248:(1958).
2092:(2008).
1629:See also
1618:volume 1
1383:long run
1371:American
1267:natural,
1062:Lecturer
1006:Austrian
878:See also
657:Austrian
415:Monetary
404:Policies
235:Rational
230:Adaptive
156:a series
154:Part of
77:, Sweden
58:, Sweden
2746:Related
2533:Chicago
2260:8078584
2220:. 2008.
2184:at the
2100:(ed.).
2063:Sources
1936:1009524
1853:3439877
1797:3441129
1750:1907086
1179:), and
1039:physics
993:of the
899:Applied
696:Marxian
586:Schools
2624:Market
2258:
2256:SELIBR
2158:
2142:
2134:
2124:
2050:
2040:
1934:
1926:
1886:
1851:
1843:
1795:
1787:
1748:
1740:
1600:, 2007
1402:Legacy
1234:, 1936
1056:Vienna
714:People
442:Models
410:Fiscal
387:Saving
247:Growth
83:Spouse
2600:Post-
2096:. In
1980:p. 53
1932:JSTOR
1849:JSTOR
1793:JSTOR
1746:JSTOR
1175:(the
1167:(the
535:NAIRU
453:AD–AS
448:IS–LM
311:Money
102:Field
2583:Neo-
2267:2014
2238:help
2156:ISBN
2140:OCLC
2132:LCCN
2122:ISBN
2106:Sage
2048:OCLC
2038:ISBN
1924:ISSN
1884:ISBN
1841:ISSN
1785:ISSN
1738:ISSN
1620:and
1390:and
1362:'s "
1223:1898
1154:Work
1131:and
1037:and
1004:and
601:Neo-
508:DSGE
202:CAGR
64:Died
38:Born
2595:New
2175:at
2114:doi
1916:doi
1876:doi
1833:doi
1777:doi
1773:105
1730:doi
1608:pdf
1596:),
1594:pdf
1283:not
1171:),
1094:to
1054:in
606:New
350:SNA
299:NNI
294:GNI
289:GDP
2820::
2230::
2228:}}
2224:{{
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1829:80
1827:.
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1012:.
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130:,
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