We examine the criticism that Knut Wicksell advanced against Léon Walras’s treatment of capital and interest at the end of the nineteenth century, as well as the views of two distinguished followers of Walras concerning the points raised by the Swedish economist. As regards the first aspect, it should be noted that the criticism put forward by Wicksell at that time refers to the earlier editions of the Éléments, in which circulating capital is excluded from the analysis. We thus endeavour to clarify Wicksell’s remarks on the consequences of that exclusion for both the representation of the social production process and the determination of the interest rate. As to the second aspect, our discussion indicates that the appropriate way of treating the capitalistic element of production was an unsettled issue within the small circle of Walras’s followers at the end of the nineteenth century.

Wicksell on Walras's early treatment of capital and interest / Imperia, Andrea; Maffeo, Vincenzo; Ravagnani, Fabio. - In: JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT. - ISSN 1053-8372. - STAMPA. - 40:1(2018), pp. 41-56. [10.1017/S1053837217000311]

Wicksell on Walras's early treatment of capital and interest

Imperia, Andrea;Maffeo, Vincenzo;Ravagnani, Fabio
2018

Abstract

We examine the criticism that Knut Wicksell advanced against Léon Walras’s treatment of capital and interest at the end of the nineteenth century, as well as the views of two distinguished followers of Walras concerning the points raised by the Swedish economist. As regards the first aspect, it should be noted that the criticism put forward by Wicksell at that time refers to the earlier editions of the Éléments, in which circulating capital is excluded from the analysis. We thus endeavour to clarify Wicksell’s remarks on the consequences of that exclusion for both the representation of the social production process and the determination of the interest rate. As to the second aspect, our discussion indicates that the appropriate way of treating the capitalistic element of production was an unsettled issue within the small circle of Walras’s followers at the end of the nineteenth century.
2018
Wicksell; Walras; capital theory
01 Pubblicazione su rivista::01a Articolo in rivista
Wicksell on Walras's early treatment of capital and interest / Imperia, Andrea; Maffeo, Vincenzo; Ravagnani, Fabio. - In: JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT. - ISSN 1053-8372. - STAMPA. - 40:1(2018), pp. 41-56. [10.1017/S1053837217000311]
File allegati a questo prodotto
File Dimensione Formato  
Ravagnani_Wicksell_2018.pdf

solo gestori archivio

Tipologia: Versione editoriale (versione pubblicata con il layout dell'editore)
Licenza: Tutti i diritti riservati (All rights reserved)
Dimensione 563.82 kB
Formato Adobe PDF
563.82 kB Adobe PDF   Contatta l'autore

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11573/1119606
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 2
  • ???jsp.display-item.citation.isi??? 2
social impact