Studies in the Theory of Money and Capital

Lindahl, a founder of the Stockholm School, made numerous contributions to the methodology of dynamic analaysis, macroeconomic theory, and the pure theory of income and capital. His analysis of the effect of monetary and fiscal policy upon the level of employment rather than on the level of prices preceded Keynes by six years. His intertemporal equilibrium analysis has been praised as "the first mathematical study of an economy whose activity extends over a finite number of elementary time-intervals" (Debreu). Lindahl's concept of income--together with Mrydals' approach of 1927--has been acknowledged as "the fundamental theoretical work concerning the notion of income" (Kaldor) and for his research on national accounting, he has been called the "father of Social Accounting theory" (Hicks).