On the Relation between Keynesian Economics and the “Stockholm School”

The possible anticipation of the General Theory by the “Stockholm School” is a much-debated question in the history of modern macroeconomic theory. In order to deal with it, the distinctive analytical characteristic of the General Theory must first be defined. This is defined as the assignment of an equilibrating role to variations in output. The writings of Wicksell, Lindahl, Myrdal and Ohlin prior to 1934 are then examined, and it is shown that they do not contain such an analysis. Since Keynes developed the General Theory by the fall of 1933 at the latest, it is concluded that the “Stockholm School” did not anticipate him.