The Legacy of Knut Wicksell to Capital Theory

Edmond Malinvaud

Scandinavian Journal of Economics, 2003, vol. 105, issue 4, 507-525

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.

Date: 2003
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