Author(s): Dr. Devender Singh¹, Dr. Tirth Raj Sharma²

Introduction:

The 19^th century is probably one of the most disordered in terms of fluctuations in the economy activity and monetary prices. The second half of the century has been stricken by opposite movements of both inflation (1851-1871) and deflation (from 1873-1895). In such a context, Political Economy was worried with the monetary system to adopt. This period was the one in which the Bimetallism controversy pre- vailed and separate economists in two factions. This was in that context that Wicksell wrote Interest and Prices book in 1898. The objective was to give a clear statement on the origin of the fluctuation of the monetary prices in order to provide practical tools (or norms) to solve them. Wicksell’s approach has to be understood as an attempt "to restate the Quantity theory in credit- theoretical-terms" (Trautwein/Boianovsky, 2001 p.500). As a consequence, he set up a two ideal-typical economy framework in which we have different assumptions on the definition of money and particularly its velocity of circulation. Wicksell underlines particularly the function of means of exchange within those two monetary types.

DOI: 10.61165/sk.publisher.v13i1.1

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