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Ilocos Travel on The original factors of production become dated quantities in Wicksell’s analysis and are integrated into his general equilibrium analysis. Capital controversies. One of the controversies generated by Wicksell’s analysis is what is known in the literature as the Wicksell Effect. In a general equilibrium system, the value of capital goods is derived from the costs of production of the original factors of production. Although he accepted the average period of production as a measure of the amount of capital in the economy, it would not do as a relative measure. Higher wages mean a higher cost of production for capital goods. But this rise in the value of capital goods means a fall in the rate of interest. Ilocos Travel 2016.

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