Great Economists Since Petty and Boisguilbert
Edited by Gilbert Faccarello and Heinz D. Kurz
Chapter 50: Knut Wicksell (1851–1926)
The Swedish economist Knut Wicksell is well known for his contributions to the marginal productivity theory of distribution and the theory of capital and interest, where he tried to create a unified framework from a synthesis of ideas of David Ricardo, Léon Walras and Eugen von Böhm-Bawerk. Nowadays he is perhaps even better known for his pioneering works in monetary economics, where his approach paved the way for both Austrian and Keynesian economics. It has recently even seen a renaissance in dynamic stochastic general-equilibrium models. Moreover, Wicksell has made a strong contribution to the theory of public finance, giving impetus to the development of welfare economics and public choice. Both as “a pioneer and a follower-up”, Wicksell has thus earned the recognition of an “economist’s economist”, while he “was not only an ingenious scholar, but also a radical political thinker and untiring social reformer of great caliber” (Lindahl 1958: 9). Life Johan Gustav Knut Wicksell was born in Stockholm on 20 December 1851, the youngest of the six children of grocer Johan Wicksell and his wife Catharina. He lost his mother at the age of 6 and his father at 15. Yet family life with his father and sisters, who loved to discuss anything in the spirit of a debating club, made a lasting impression on him. In school, Wicksell was regarded as very talented, but also reprimanded for his “rebellious attitude”. During adolescence, he fell under the spell of the Lutheran Awakening movement that was widely popular...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.