Knut Wicksells 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 countervaluethe equimarginal principlewhich 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 moneys worth.
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Diana W. Thomas is a Senior Fellow at the Independent Institute, Associate Professor of Economics and Director of the Institute for Economic Inquiry in the Heider College of Business at Creighton University, and Co-Editor of The Independent Review: A Journal of Political Economy.
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