Knut Wicksell is acknowledged to be the precursor and prophet of
modern macroeconomic theory and he provided some of its chief
elements a generation before their power and significance were
properly recognized. This book, originally published in German in
1893 and in English in 1954 brought time into the previously
timeless theory of value and income distribution. The theory of the
real interest rate, which he developed in Value, Capital and Rent
became a central and essential element when he began to explain
what determines the general level of money prices and how the
changes of this level come about.
General
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