ABSTRACT

Political economy in Sweden prior to Wicksell makes for some very dull reading. Of course, it is possible to find economists who were considered prominent – indeed, brilliant in some cases – by their contemporaries, but it is difficult to grasp precisely what their contribution to our discipline might have been. In most cases they seem to have been good exponents of the conventional wisdom of their day, rather than scholarly pioneers and trailblazers. However, leafing through the annals, we do find one person who truly made an individual contribution, and what’s more a contribution of fundamental importance. That person is Pehr Niclas Christiernin (1725-1799) of Uppsala University, who in 1760 formulated the quantity theory of money.