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Garegnani on a way to avoid the value capital endowment in Wicksell (1898)

Author

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  • Fabio Petri

Abstract

Pierangelo Garegnani has argued that the value capital endowment could have been avoided in Knut Wicksell’s long-period general equilibrium in Value Capital and Rent (1898); the capital endowment might have been specified as an amount of labour embodied in the economy’s stock of capital goods, which would have avoided the vicious circle of a factor endowment dependent on what the equilibrium must determine. The paper argues that this thesis cannot be accepted.

Suggested Citation

  • Fabio Petri, 2015. "Garegnani on a way to avoid the value capital endowment in Wicksell (1898)," Department of Economics University of Siena 707, Department of Economics, University of Siena.
    • Handle: RePEc:usi:wpaper:707
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    File URL: http://repec.deps.unisi.it/quaderni/707.pdf
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    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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