Tag Archives: Knut Wicksell

More keeper quotes. The idea behind MMT is as old as the hills. But previously, it was only a possible scenario, whereas MMT describes the existing monetary system since 1971 — the "pure creditary system" that Knut Wicksell had envisioned as a thought experiment.  Keynes said it would be useful to educated people in this in order to remove the shibboleths of the past that prevent proper fiscal response now. How prescient he was. Received knowledge is sticky even when it is shown to be...

Lars quotes Knut Wicksell and William ("Bill") Vickery.Lars P. Syll’s BlogMMT — the key insightsLars P. Syll | Professor, Malmo University

Most mainstream economists seem to think the idea behind Modern Monetary Theory is something new that some wild heterodox economic cranks have come up with. New? Cranks? How about reading one of the great founders of neoclassical economics — Knut Wicksell. This is what Wicksell wrote in 1898 on ‘pure credit systems’ in Interest and Prices (Geldzins und Güterpreise): Lars P. Syll’s BlogMMT — the Wicksell connectionLars P. Syll | Professor, Malmo University

This debunks the idea by the authors (Ben Fine and Alfredo Saad-Filho) that “underlying Keynesianism is the idea that there is a natural or equilibrium full-employment interest rate”. Keynes quotes proving the point.econoblog 101A Post-Keynesian comment on “Marx’s “Capital”‘ (6th ed.)Dirk Ehnts | Lecturer at Bard College Berlin

Quote from Giancarlo Bertocco, "Some Observations About The Loanable Funds Theory" Lars P. Syll’s BlogKeynes vs. Wicksell — the loanable funds theoryLars P. Syll | Professor, Malmo University