Knut Wicksell

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Johan Gustaf Knut Wicksell (20 December 1851–3 May 1926) was an important Swedish economist.

Wicksell’s work is linked directly to three major traditions in economic theory:

  • the quantity theory of money and its implications for allowing an analysis of aggregate macro outcomes as well as their appropriate monetary policies;
  • the Austrian business cycle theory, which uses Wicksell’s concept of a natural rate of interest;
  • and the modern Public Choice paradigm in public finance, which is based on Wicksell’s contentions regarding interest groups in democracies.[1]


  1. Robert L. Formaini. "Knut Wicksell: The Birth of Modern Monetary Policy", Economic Insights, Volume 9, Number 1, 2004, Federal Reserve Bank of Dallas. Referenced 2011-07-01.