Wicksell's contributions to capital theory focused on stationary states in four distinct models intended to account for the time dimension of production in market economies. We now have a better understanding of the true challenges because of two developments: a full theory of intertemporal...

Under some conditions, price and income policies may succeed in reaching the objective they pursue. But, in all cases, tradeoffs place limits on what they can achieve. These tradeoffs are discussed for three kinds of objectives: reducing inequalities, solving the inflation-unemployment dilemma,...