The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Wicksell and Neoclassical Economics

  • Paul A. Samuelson
Reference work entry


Knut Wicksell was long known as Scandinavia’s Alfred Marshall, the leading economist of that region, whose microeconomics married Böm-Bawerk’s time-phased interest theory with Walras’s mathematical general equilibrium. His macroeconomics was thought to foreshadow Keynes’s 1936 General Theory, even though it emphasized that the discrepancy between investment and saving is the cause merely of an inflationary trend in the general price level.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Paul A. Samuelson
    • 1
  1. 1.