Fisher photographed by George Grantham Bain in 1927
Born
(1867-02-27)February 27, 1867
Saugerties, New York
Died
April 29, 1947(1947-04-29) (aged 80)
New York City, New York
Nationality
American
Spouse
Margaret Hazard
(m. 1893; died 1940)
Academic career
Institution
Yale University[1]
Field
Mathematical economics
School or tradition
Neoclassical economics
Alma mater
Yale University (BA, PhD)
Doctoral advisor
Josiah Willard Gibbs William Graham Sumner
Influences
William Stanley Jevons, Eugen von Böhm-Bawerk
Contributions
Fisher equation Equation of exchange Price index Debt deflation Phillips curve Money illusion Fisher separation theorem Independent Party of Connecticut
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Irving Fisher (February 27, 1867 – April 29, 1947)[1] was an American economist, statistician, inventor, eugenicist and progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the post-Keynesian school.[2] Joseph Schumpeter described him as "the greatest economist the United States has ever produced",[3] an assessment later repeated by James Tobin[4] and Milton Friedman.[5]
Fisher made important contributions to utility theory and general equilibrium.[6][7] He was also a pioneer in the rigorous study of intertemporal choice in markets, which led him to develop a theory of capital and interest rates.[4] His research on the quantity theory of money inaugurated the school of macroeconomic thought known as "monetarism".[8] Fisher was also a pioneer of econometrics, including the development of index numbers. Some concepts named after him include the Fisher equation, the Fisher hypothesis, the international Fisher effect, the Fisher separation theorem and Fisher market.
Fisher was perhaps the first celebrity economist, but his reputation during his lifetime was irreparably harmed by his public statement, just nine days before the Wall Street Crash of 1929, that the stock market had reached "a permanently high plateau". His subsequent theory of debt deflation as an explanation of the Great Depression, as well as his advocacy of full-reserve banking and alternative currencies, were largely ignored in favor of the work of John Maynard Keynes.[4] Fisher's reputation has since recovered in academic economics, particularly after his theoretical models were rediscovered in the late 1960s to the 1970s, a period of increasing reliance on mathematical models within the field.[4][9][10] Interest in him has also grown in the public due to an increased interest in debt deflation after the Great Recession.[11]
Fisher was one of the foremost proponents of the full-reserve banking, which he advocated as one of the authors of A Program for Monetary Reform where the general proposal is outlined.[12][13]
^ abCite error: The named reference IFObit1947 was invoked but never defined (see the help page).
^Keen, Steve (2012). "Growth Theory". In King, J. E. (ed.). The Elgar Companion to Post Keynesian Economics (2nd ed.). Edward Elgar. pp. 271–277. ISBN 978-1-84980-318-2.
^Schumpeter, Joseph (1951). Ten Great Economists from Marx to Keynes. New York: Oxford University Press. p. 223.
^ abcdTobin, James (1987), "Fisher, Irving (1867–1947)", The New Palgrave Dictionary of Economics: 369–376, doi:10.1057/9780230226203.0581, ISBN 978-0-333-78676-5
^Milton Friedman, Money Mischief: Episodes in Monetary History, Houghton Mifflin Harcourt (1994) p. 37. ISBN 0-15-661930-X
^George Stigler (1950). "The Development of Utility Theory. I". Journal of Political Economy. 58 (4): 307–327. doi:10.1086/256962. JSTOR 1828885. S2CID 153732595.
^George Stigler (1950). "The Development of Utility Theory. II". Journal of Political Economy. 58 (5): 373–396. doi:10.1086/256980. JSTOR 1825710. S2CID 222450704.
^J. Bradford DeLong (2000). "The Triumph of Monetarism?". Journal of Economic Perspectives. 14 (1): 83–94. doi:10.1257/jep.14.1.83. JSTOR 2647052.
^Jack Hirshleifer (1958). "The Theory of Optimal Investment Decisions". Journal of Political Economy. 66 (4): 329–352. doi:10.1086/258057. S2CID 154033914.
^Ben Bernanke, Essays on the Great Depression, (Princeton: Princeton University Press, 2000), p. 24. ISBN 0-691-01698-4.
^Out of Keynes's shadow, The Economist, Feb 12th 2009
^Dorn, James A. (17 January 2019). "Irving Fisher's Search for Stable Money: What We Can Learn". Cato Institute. Retrieved 5 June 2019.
^Douglas, Paul H.; Hamilton, Earl J.; Fisher, Irving; King, Willford I.; Graham, Frank D.; Whittlesey, Charles R. (July 1939), A Program for Monetary Reform(PDF), (draft proposal – scanned image)., archived from the original (PDF) on 2011-07-26
IrvingFisher (February 27, 1867 – April 29, 1947) was an American economist, statistician, inventor, eugenicist and progressive social campaigner. He...
local currency is converted to US dollars using end-of-year rates. The IrvingFisher Committee on Central Bank Statistics gathers 100 members, mostly national...
the Fisher effect is the tendency for nominal interest rates to change to follow the inflation rate. It is named after the economist IrvingFisher, who...
economics, the Fisher equation expresses the relationship between nominal interest rates, real interest rates, and inflation. Named after IrvingFisher, an American...
opportunities". It was proposed by—and is named after—the economist IrvingFisher. The theorem has its "clearest and most famous exposition" [1] in the...
foundation closed. John Harvey Kellogg founded the organization with IrvingFisher and Charles Davenport.[citation needed] John Harvey Kellogg (February...
"Sociological Theory of Capital". Later, Eugen von Böhm-Bawerk in 1889 and IrvingFisher in 1930 elaborated on the model. consumer's income is constant maximization...
coined by IrvingFisher in Stabilizing the Dollar. It was popularized by John Maynard Keynes in the early twentieth century, and IrvingFisher wrote an...
late 19th century, supporters of the quantity theory of money led by IrvingFisher debated with supporters of bimetallism. Later, Knut Wicksell sought...
by extension, a reduction in spending. The theory was developed by IrvingFisher following the Wall Street Crash of 1929 and the ensuing Great Depression...
prominent thinkers and economists including John Locke, David Hume, IrvingFisher and Alfred Marshall. Milton Friedman made a restatement of the theory...
the end of long-term credit cycles. It was proposed as a theory by IrvingFisher (1933) to explain the deflation of the Great Depression. From a monetarist...
other economists in the 1930s, including Lauchlin Currie of Harvard and IrvingFisher of Yale. A more recent variant of this reform idea is to be found in...
dominated by the eminent economists Alfred Marshall, Knut Wicksell and IrvingFisher. When the Great Depression struck, the reigning economists had difficulty...
explaining the movement of money: In the classical version, associated with IrvingFisher, money moves at a fixed rate and serves only as a medium of exchange...
those of Adam Smith, Karl Marx, John Stuart Mill, John Maynard Keynes, IrvingFisher, and Milton Friedman "How to Control Stagflation". Investopedia. Retrieved...
Repertory Theatre (1982–1983). Irving auditioned for the role of Princess Leia in Star Wars, which went to Carrie Fisher. She then starred in the Brian...
"high point of his worldly success". He taught economic theory and met IrvingFisher and Wesley Clair Mitchell. Columbia awarded him an honorary doctorate...
Adam Smith Thomas Robert Malthus Karl Marx Léon Walras Knut Wicksell IrvingFisher Wesley Clair Mitchell John Maynard Keynes Alvin Hansen Michał Kalecki...
hypothesis of IrvingFisher, Ben Bernanke developed an alternative way in which the financial crisis affected output. He builds on Fisher's argument that...
Fisher market is an economic model attributed to IrvingFisher. It has the following ingredients: A set of m {\displaystyle m} divisible products with...
Application of the Efficient Market Model to U.S. Treasury Bills," won the IrvingFisher Prize as the best American dissertation in economics in 1968. Roll co-authored...
theory which had been put forward by various economists, among them IrvingFisher and Alfred Marshall, before Friedman restated it in 1956. Monetarists...
mónos, 'single, alone' and πωλεῖν, pōleîn, 'to sell'), as described by IrvingFisher, is a market with the "absence of competition", creating a situation...
Money, its Determination and Relation to Credit, Interest and Crises, IrvingFisher. Graff, Michael (April 2008). "The quantity theory of money in historical...
t_{0}}\cdot (q_{c,t_{0}}+q_{c,t_{n}})]}}} The Fisher index, named for economist IrvingFisher), also known as the Fisher ideal index, is calculated as the geometric...
doctoral thesis on mathematical economics written by IrvingFisher in 1891. After Gibbs's death, Fisher financed the publication of his Collected Works. Another...
1930, at the Statler Hotel in Cleveland, Ohio. Its first president was IrvingFisher. As of 2014, there are about 700 Elected Fellows of the Econometric...
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