Lectures on Political Economy (Routledge Revivals)

Volume II: Money

Knut Wicksell

• Publisher: Routledge
• Year: 2022
• Edition: 1
• eBook ISBN:
  9781136857348
• Topic: Economics
• Subtopic: Economic History
• Index: Economics

First published in English in 1935, this Routledge Revival is a reissue of Volume II of Knut Wicksell's Lectures on Political Economy. This volume deals with his contribution to macroeconomics, through an explication of economic theory and principle relating specifically to money, both in terms of functions and value, with a particular emphasis upon currency and credit. This volume also includes Wicksell's work on the quantity theory of money in which he first made the important distinction between the real rate of return on new capital (which he called the "natural rate of interest") and the actual market rate of interest.

SUBJECT INDEX

• Abstinence, I, 236
• Accumulation of capital—effect on labour, I, 216–7
• — general theory of, I, 207 ff.
• — and increase in durability, I, 266 ff.
• — limits to 1, 155
• — low interest rates and, I, 241; II, 205
• — and money, II, 24–5
• — and prices of original factors, II, 12–13
• — in stationary conditions, I, 203
• — and wages and rent, I, 157, 163–4, 183, 268 See also Saving.
• Adding up problem of distribution, I, 125 ff.
• Advances to labour, I, 118
• Amortisation of capital, I, 261 ff.
• Amsterdam Bank, history of, II, 75–6
• Arbitrage, II, 16
• Artificial capital, creation of by bank credit, II, 183
• Assignats, II, 153
• Assumptions—in economics, I, 9
• — of free competition, I, 72
• Average costs, and prices, I, 231

• Balance of payments—II, 92 ff.
• — and foreign lending, II, 93 ff.
• — and increased production of gold, IT, 162 ff.
• Balance of trade see Balance of payments
• Bank of England—early history of, II, 77–8
• — and gold premium policy, II, 117–18
• — and open market policy, II, 118
• Banking—II, 59 ff.
• — origin of, II, 73
• — and velocity of circulation, II, 82
• Banking principle, II, 172 ff.
• Banking routine, II, 204
• Bank notes—and cheques compared, II, 89
• — nature of, II, 88
• — origin of, II, 75–6
• Bank rate—and balance of payments, II, 98, 110
• Bank rate—correlation with price level, II, 202 ff.
• — graph of, 1850–1915, II, 203
• — and speculation, II, 184ff. See also Discount Rates and Central Bank Policy.
• Bank reserves—functions of, I, 249; II, 14, 90–1, 175
• — and loan rates, II, 201–2, 204, 206
• — pressure on, II, 189
• Banks—and control of price level, II, 216
• — and creation of deposits, II, 86
• — functions of, II, 14
• — and offsetting of risks, II, 83 ff.
• — as users of idle money capital, II, 10
• Barter, or direct exchange, I, 55
• Bi...

Table of contents

• Cover
• Title Page
• Copyright Page
• Original Title Page
• Original Copyright Page
• Table of Contents
• Introduction
• I. The Conception and Functions of Money
• II. Currency
• III. The Velocity of Circulation of Money Banking and Credit
• IV. The Exchange Value of Money
• Authors Index
• Subject Index