Interpretations of the Wicksellian Idea

It was Wicksell’s investigations into monetary equilibrium that intrigued some of the greatest economic minds of this century—D. A. Robertson, G. Myrdal, J. M. Keynes, L. von Mises and F. A. Hayek—during the tumultuous era of the Great Depression. Yet, until this book, no historian of thought had undertaken the comprehensive study deserved by such a well delineated heritage in such an important area of economic theory.

The majestic contributions of Wicksell merit a wider and more appreciative audience. In fact, it should be contemplated, as this thesis will attempt to show that Wicksell is to full employment macroeconomics what Keynes is to full unemployment macroeconomics. It will further demonstrate that Wicksell’s beginnings inspired some very important and neglected mieroeconomic insights in areas that today are reserved for macro-theory alone.