Interest and Prices by Knut Wicksell

Author:Knut Wicksell [Knut Wicksell]
Language: eng
Format: epub, pdf
ISBN: 978-1-61016-059-9
Publisher: Sentry Press
Published: 1962-11-06T16:00:00+00:00

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1 See p. 74 ff.

1 [From now on, “natural rate” will be used to denote “natural rate of interest on capital”.]

1 Money in its relations to Trade and Industry, p. 80.

1 “A Serious Fall in the Value of Gold”, Investigations in Currency and Finance, pp. 31, 32 [second edition, pp. 27, 28]. The italics are mine. A similar treatment is to be found in Nasse, loc. cit., p. 149 ff., and also in Scharling, Preussiche Jahrb., 1895 (see p. 115, below).

1 Cf. Emil Struck, “Skizze dea englischen Geldmarktes”, Separat-abdruck of the Jahrbuch für Gesetzgebung, Jahrg. X., p. 45 ff.

1 Cf. History of Prices, vol. iv., pp. 197-202. But here Tooke himself admits that a low rate of interest tends to stimulate enterprise and so indirectly to raise prices, in peculiar contradiction to his view, referred to above, that low rates of interest must lead to lower prices.

1 Cf. Carl Heiligenstadt, “Beiträgo zur Lehre von den auswärtigen Wechselkursen”, Jahrbüicher fur Nationalökonomie, vols. 59-61, 1892-3.

1 Cf. O. Arendt, Die vertragsmässige Doppelwährung, vol. i., p. 166 ff.

1 [“Verkehrszins” in original.]

2 Preussiche Jahrb., 1895. See also Nationalökonomisk Tidskrift (Copenhagen), 1895.

1 It will become clear that this factor playa a part also in setting a lower limit to the rate of interest.

1 [“bankmässige” in original.]

1 Gilbart maintains (Practical Treatise on Banking, i., section iv.) that the director of a bank must always follow certain general “principles”; but he goes much further in emphasising that these principles must always he followed than in defending them against objection. In the light of what is said above, this attitude can easily be understood.

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