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On the Relation between Keynesian Economics and the "Stockholm School"

Don Patinkin
The Scandinavian Journal of Economics
Vol. 80, No. 2, The Arne Ryde Symposium on the Theoretical Contributions of Knut Wicksell (1978), pp. 135-143
Published by: Wiley on behalf of The Scandinavian Journal of Economics
DOI: 10.2307/3439878
Stable URL: http://www.jstor.org/stable/3439878
Page Count: 9
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On the Relation between Keynesian Economics and the "Stockholm School"
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Abstract

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.

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