1st Edition

Lectures on Political Economy (Routledge Revivals)
Volume II: Money

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ISBN 9780415602402
Published January 25, 2011 by Routledge
238 Pages

USD $120.00

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Book Description

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.

Table of Contents

Part I: The Conception and Functions of Money  1. The Economic Importance of Money  2. Money as a Measure and Store of Value  3. Money as a Medium of Exchange  4. The Relation Between Money and Credit  Part II: Currency 5. The Precious Metals as Currency  6. Currency in Modern Times  7. Swedish Currency History  8. The Technique of Currency  9. Standard Money and Token Money  10. Money from the Legal Point of View  Part III: The Velocity and Circulation of Money. Banking and Credit  11. On Velocity and Circulation in General  12. Virtual Velocity of Circulation 13. Forms of Credit  14. Some Historical Notes on the Origin of Banking  15. Modern Banking  16. The "Ideal Bank" and Obstacles to its Realisation  Part IV:The Exchange Value of Money  17. What is Understood by the Exchange Value of Money?  18. The Average Level of Prices  19. The Quantity Theory of the Value of Money  20. The Cost of Production Theory  21. Modern Theories  22. The Defects of the Quantity Theory  23. The Influence of Credit on Commodity Prices  24. A Criticism of the Theories of Ricardo and Tooke  25. The Positive Solution  26. Conclusions: The Practical Organisation of Currency.

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