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Wicksell effect


What is WICKSELL EFFECT? What does WICKSELL EFFECT mean? WICKSELL EFFECT meaning & explanation


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The Wicksell effect is the combination of a price effect and a real effect on the valuation of changes in the capital stock. Knut Wicksell used the Austrian analytic framework to discuss the effect. An important implication of the effect is that the valuation of the capital stock is extremely problematic in all realistic situations. The price effect involves a reevaluation of the inventory of capital goods due to new prices. The real effect due to the price weighted sum of changes in the physical quantities of different capital goods. The term itself was introduced by Uhr (1951) and its importance noted by both Joan Robinson (1956) and Trevor Swan (1956).
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