Knut Wicksell: A Consistent Marginalist

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Knut Wicksell’s underappreciated contributions to economics spanned productivity theory, monetary economics, and public economics. Across all of his contributions, he faithfully applied the principle of value and countervalue—the equimarginal principle—which was inspired by his belief that a system based on this principle would produce economically just outcomes in the sense that “each man received his money’s worth.”