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Fisher and Wicksell on money: A reconstructed conversation

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  • Mauro Boianovsky

Abstract

The paper offers a reconstruction of the ‘conversation’ between Irving Fisher and Knut Wicksell on money as shown by references they made to each other's works. The first phase corresponded largely to the period between 1897 and 1911, when they proposed different explanations of the interaction between interest and prices, and incorporated aspects of each other's approaches into their own respective frameworks. This was followed by Wicksell's extended criticism of Fisher's compensated dollar plan and his bewilderment at its apparent lack of relation with the quantity theory of money (1912--1919). Finally, especially after Wicksell's death, Fisher came to support a significant part of Wicksell's monetary policy proposals, particularly in connection with the Swedish stabilisation experiment in the early 1930s. Fisher and Wicksell were both heirs of Böhm-Bawerk's interest theory, but interpreted and criticised the Austrian from different perspectives, which helps to explain the differences in their approaches to monetary dynamics.

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  • Mauro Boianovsky, 2013. "Fisher and Wicksell on money: A reconstructed conversation," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(2), pages 206-237, April.
    • Handle: RePEc:taf:eujhet:v:20:y:2013:i:2:p:206-237
    DOI: 10.1080/09672567.2012.758757
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    References listed on IDEAS

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    1. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
    2. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, January.
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    Cited by:

    1. Marion Dieudonné, 2016. "Thorstein Veblen's 1904 contributions to Q and insider/outsider analysis," Working Papers hal-01313309, HAL.
    2. Olatunji Abdul Shobande & Oladimeji Tomiwa Shodipe, 2021. "Monetary Policy Interdependency in Fisher Effect: A Comparative Evidence," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 10(1), pages 203-226.

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