Knut Wicksell is acknowledged to be the precursor and prophet of modern macroeconomic theory and he provided some of its chief elements a generation before their power and significance were properly recognized. This book, originally published in German in 1893 and in English in 1954 brought time into the previously timeless theory of value and income distribution. The theory of the real interest rate, which he developed in Value, Capital and Rent became a central and essential element when he began to explain what determines the general level of money prices and how the changes of this level come about.

chapter |1 pages

Title Page

chapter |1 pages

Copyright Page

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Original Title Page

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Original Copyright Page

chapter |9 pages


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Translator's Note

chapter |2 pages

Table of Contents

chapter |12 pages


chapter 2|9 pages

The Classical Theory of Value

chapter 3|2 pages

Exchange at Given Prices

chapter 4|9 pages

Isolated Exchange

chapter 5|6 pages

Exchange in the Open Market

chapter 7|10 pages

Supply and Demand

chapter 1|9 pages

The Concept of Capital