Knut Wicksell and the Closure of his System: Critique and Reconstruction of the Cumulative Process

  • M. L. Burstein


Wicksell’s ingenious conception of a cumulative process incident to a rift between natural and market rates of interest has led to the malignant doctrine that central-bank action fundamentally determines the real cost of capital.2


Inflation Rate Real Interest Rate Public Debt Natural Rate Monetary Authority 
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Copyright information

© M. L. Burstein 1988

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  • M. L. Burstein

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