K. ウィクセルの「累積過程」について

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To judge the character of J. G. K. Wicksell's "Cumulative Process", it is necessary to view it against the background of the monetary controversy of the late nineteenth century. Two things seem to have caused Wicksell to adopt an entirely different attitude to monetary problems. (i) He was an admirer of the English classical school of economists, above all of David Ricardo. The quantity theory of money, as presented by Ricardo, had a much stronger appeal than the vague generalisations of the contemporary banking discussions, which side-stepped the question "Why do prices rise or fall?". The stress which the Ricardian school placed on the influence of discount policy on the quantity of money and on prices seemed to Wicksell to be entirely justified. (ii) He could not get around the fact that the rate of interest, as pointed out by Tooke, had on the whole been low during times of falling prices and high during times of rising prices, whereas the Ricardian doctrine seemed to suggest the opposite. The solution of this difficulty Wicksell found through his study and amplification of Bohm-Bawerk's theory of interest. As Wicksell explained in his preface to Interest and Prices, he wanted to make his theoretical contribution an extension of, but within the framework of, the dominant version of the quantity theory of money. If the "natural" rate of interest differs from the "money" rate of interest, money can no longer be said to be "neutral", and monetary consequences in the shape of changes in prices are bound to ensue. If the money rate were kept below the natural rate prices would rise, if above they would fall. Wicksell assumed an economy operating under free competition and at full resource utilization for his monetary analysis. The cumulative process is viewed as operating in a closed economy endowed with a pure credit system. This economy is initially in full resource-use equilibrium, and because free competition prevails in all its markets, remains in full resource-use operation while the process runs its upward and downward course. The cumulative process plays an ambiguous role in Wicksell's analysis. This has raised questions as to how it is to be interpreted. Prof. Morishima generalizes Wicksell's "Cumulative Process" theory by removing the two unsatisfactory assumptions (full employment and real equilibrium) he made in deriving his conclusion. We shall see how the natural economy works and the monetary economy works in Section 2. In Section 3, Wicksell's "Cumulative Process" theory is examined. In Section 4, the Morishima model of Wicksell's "Cumulative Process" theory is reexamined.
神戸大学の論文
1996-03-21

K. ウィクセルの「累積過程」について

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