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2020 | OriginalPaper | Buchkapitel

6. Economics in the European Peripheries

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Abstract

This chapter deals with economics in some European countries which represent, beyond the centers of Cambridge, Lausanne, Berlin, and Vienna, the peripheries of economic theory in the rest of Europe. Here, the theoretical thinking in economics is connected in different ways with that of the centers. It made important advances in Sweden with the work of Knut Wicksell, in the field of capital theory and monetary economics, and, to a lesser extent, Gustav Cassel. Elsewhere in Europe, economic thinking was, at the theoretical level, less original. However, to appreciate the heterogeneity and relevance of European economics as a whole in this period, three other countries are mentioned in the chapter: Italy above all, with economists like Maffeo Pantaleoni and Luigi Einaudi, followed by France and Russia.

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Fußnoten
1
For an outstanding biography of Wicksell, see Gårdlund (1958).
 
2
The role of the interest rate in the transmission mechanism had also been at the center of Marshall’s Evidence Before the Gold and Silver Commission in 1886. Here, Marshall stressed the importance for discount policy of the rise in the demand for capital during times of rising prices and high profits, an idea that was later developed, especially by Fisher, in Appreciation and Interest. However, according to Ohlin (1926), neither Marshall nor Fisher seems to have understood the connection between the real rate of interest, as determined by the supply of the factors of production, and the discount rate, the price at which capital is actually lent: Wicksell’s analysis is “more general and deeper” (Ohlin 1926, p. 506). See also Ohlin 1927.
 
3
The influence that German economists as well as English Fabianism—in London he had met the Webbs—exerted on Cassel vanished in the years of the First World War, when he turned into a marked economic liberal.
 
4
During the First World War, Cassel was asked by the government of Germany to help solve some of the country’s economic problems. In 1922, he advised on the establishment of the Russian State Bank, and in 1928, he testified before the US House of Representatives Currency and Banking Committee regarding means for stabilizing the purchasing power of the dollar.
 
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Metadaten
Titel
Economics in the European Peripheries
verfasst von
Roberto Marchionatti
Copyright-Jahr
2020
DOI
https://doi.org/10.1007/978-3-030-40297-6_6