Wicksell's lecture notes on economic crises (1902/05) |
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| Institution: | 1. Institutes of Science and Development, Chinese Academy of Sciences, Beijing 100190, China;2. School of Public Policy and Management, University of Chinese Academy of Sciences, Beijing 100049, China;3. Research Institute of Economics and Management, Southwestern University of Finance and Economics, China;4. Department of Economics and Finance, Southern Illinois University Edwardsville, USA |
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| Abstract: | The article brings to light Knut Wicksell's Lund lecture notes of 1902 and 1905 on economic crises. In these notes, written a few years after his book on interest and prices but before most of his published work on business cycles, Wicksell made an attempt to bridge the gap between monetary and real theories of crises. The notes are remarkable for a discussion of how partial overproduction is generalized through the credit mechanism and for an assessment and diagrammatic treatment of the controversies between Malthus, Say and Owen on general overproduction. |
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