Quanitity theory of money Wicksell and inflation
| Type | Citation | Sources | Views | Words | Pages | Essay # |
|---|---|---|---|---|---|---|
| Term Paper | APA | 3 | 60 | 705 | 2 | 17195818 |
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Excerpt from Term Paper:
...... Besides many contributions made by Knut Wicksell into the economic theory, the major appreciated work is the interest theory implications from his work Interest and Prices, where he separated the notion of monetary interest rate, or interest rate derived from the capital markets; and the natural interest rate, or the interest rate neutral to the prices in the real markets and which equates the supply and demand in the real market, resting on the assumption that the capital markets are not necessary. Developing this theoretic background, Austrian economists have suggested that economic growth begins when the natural interest rate exceeds the one observed in the capital markets, this theory referred to as the theory of business cycles[4]. The findings of Wicksell had also big effect on further Keynes The General Theory of Employment, Interest, and Money
References:
1. Available from: http://ingrimayne.com/econ/Money/Equation.html
2. Friedman, Milton and Schwartz, Anna J. (1965). The Great Contraction 19291933. Princeton: Princeton University Press......
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