Gustav Cassel

Karl Gustav Cassel (1866 to 1945) was a Swedish economist who began in engineering and mathematics, earning a doctorate at the University of Uppsala in 1894 with a dissertation on automorphic functions. In 1899 he published an article outlining the formalization of general equilibrium theory, later called the Walras-Cassel system. He became professor of economics at Stockholm University in 1904 and held the chair until his retirement in 1933. Among his contributions are the rudiments of a purchasing power parity theory of exchange rates, dated to 1921, and an overconsumption theory of the trade cycle, dated to 1918. He was also known as a vocal opponent of the Keynesian revolution.