Wicksellian cumulative process

Japanese: ウィクセル的累積過程 - うぃくせるてきるいせきかてい

…He also made important contributions to financial theory with his doctoral dissertation ("Inquiries on the Theory of Public Finance" 1896), but his most original work was the theory of monetary disequilibrium developed in "Interest and Prices" (1898). This theory found the cause of price fluctuations in the divergence between the expected rate of return on capital (the natural rate of interest) and the bank lending rate (the market rate of interest) ("Wicksellian accumulation process"). It had a great influence on monetary theory and business cycle theory in Europe, and was also a forerunner of Keynesian economics. After retiring from Lund University in 1916, he spent the rest of his life as a leader in academia. …

From the Loan Funds Theory

...The loanable funds theory states that the interest rate is determined at the intersection of the two. Based on this idea, JGK Wicksell developed the famous "theory of the accumulation process (the so-called Wicksellian accumulation process)" by noting that the interest rate determined in the market for loanable funds (the market interest rate) is not necessarily equal to the interest rate that equalizes savings and investment (the natural interest rate). When the market interest rate is lower than the natural interest rate, the national economy falls into constant inflation. ...

*Some of the terminology explanations that refer to the "Wicksellian accumulation process" are listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

Japanese:

…また学位論文(《財政理論研究》1896)で財政理論にも重要な貢献をなしたが，最も独創的な業績は《利子と物価》(1898)で展開された貨幣的不均衡理論である。それは，物価の変動の原因を資本の予想収益率(自然利子率)と銀行の貸出利子率(市場利子率)との乖離（かいり）に見いだしたもので(〈ウィクセル的累積過程〉)，その後のヨーロッパにおける貨幣理論と景気変動論に多大の影響力を及ぼすとともに，ケインズ経済学の先駆けともなった。1916年にルンド大学を定年退職後は，学界の指導者として晩年を送った。…

【貸付資金説】より

…その両者の交点において利子率が決まるというのが貸付資金説である。このような考え方に立ってJ.G.K.ウィクセルは，貸付資金の市場で定まる利子率＝市場利子率が，貯蓄と投資とを等しくする利子率＝自然利子率と必ずしも等しくないということに着目して，有名な〈累積過程の理論(いわゆるウィクセル的累積過程)〉を展開した。自然利子率よりも市場利子率が低いときには，その国民経済は絶えざるインフレーションに陥ってしまうというのである。…

※「ウィクセル的累積過程」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典第２版について | 情報

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