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.”

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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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Other Independent Review articles by Diana W. Thomas
Winter 2022/23 Plutocratic Socialism: The Future of Private Property and the Fate of the Middle Class
Spring 2018 The Rise of the Regulatory State: Institutional Entrepreneurship and the Decline of Markets for Blood
Winter 2010/11 Bootleggers, Baptists, and Political Entrepreneurs: Key Players in the Rational Game and Morality Play of Regulatory Politics