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Eskisehir Travel on The real Wicksell Effect means a change in technique at various rates of interest. The Wicksell Effect is simply the change in the value of capital due to a change in the rate of interest (and the change may be negative or positive). Wicksell had unwittingly set the stage for the famous Cambridge Controversy over capital switching. In the 1950s and early 1960s, the question of a production function based on an aggregate quantity of capital was called into question by Joan ROBINSON (1953) and other Cambridge University economists and would especially be sparked by a book by Pierro SRAFFA, The Production of Commodities by Means of Commodities (1960). This was the genesis of the legendary Cambridge Controversy. The central issue involved aggregating heterogeneous capital goods into a production function. This issue actually goes back to Wicksell who, while using the average period of production (a measure of actual capital) used capital values in comparing capital and other factors of production (which is necessary in aggregate production functions). Eskisehir Travel 2016.

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