Background
Irving was born on February 27, 1867 in Saugerties, New York, United States. Son of Review George Whitefield and Ella (Wescott) Fisher.
(2011 reprint of 1928 edition. Full facsimile of the origi...)
2011 reprint of 1928 edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. In economics, money illusion refers to the tendency of people to think of currency in nominal, rather than real, terms. This is a fallacy as modern fiat currencies have no inherent value and their real value is derived from their ability to be exchanged for goods and used for payment of taxes. The term was coined by John Maynard Keynes in the early twentieth century, and Irving Fisher 1928 book, The Money Illusion, is one of the most important works on the subject.
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(The credit crunch today is not destroying capital but rec...)
The credit crunch today is not destroying capital but recognising that capital was destroyed by misallocation in the years of irrational exuberance. If that is so, then we are entering a spiral of debt deflation that will play out slowly for years to come. To understand how that works, we turn to Professor Irving Fisher of Yale (1933).
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(Excerpt from Eugenics Eugenics is simply an application o...)
Excerpt from Eugenics Eugenics is simply an application of modern science to im prove the human race. But, says the skeptic, that will take millions of years! Nevertheless, I reassert that it is easily practical to alter and improve the human race and to do so in a very short time. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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(2012 Reprint of 1930 Edition. Exact facsimile of the orig...)
2012 Reprint of 1930 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. This work is an important update and reworking of Fisher's "The Rate of Interest," first published in 1907. Very fundamental changes in the nature of the world economy, principally World War I, war financing, the sensational inflation of the currencies of the combatants, and the remarkable developments in new scientific, industrial and agricultural methods had occurred; all requiring integration into a new theory. Fisher called interest "an index of a community's preference for a dollar of present [income] over a dollar of future income." He labeled his theory of interest the "impatience and opportunity" theory. Interest rates, Fisher postulated, result from the interaction of two forces: the "time preference" people have for capital now, and the investment opportunity principle (that income invested now will yield greater income in the future).
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(Article by Irving Fisher (1936), Professor Emeritus of Ec...)
Article by Irving Fisher (1936), Professor Emeritus of Economics, Yale University, urges Congress to take back the Constitutional money power, redeem the national debt, require banks' demand deposit to be 100% liquid, to avoid an inelastic loan structure that bursts, leaving frozen loans behind, and avoid 'Global Financial Crises'. Includes a brief biography of Irving Fisher.
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(A DEPRESSION is a condition in which business becomes unp...)
A DEPRESSION is a condition in which business becomes unprofitable. It might well be called The Private Profits disease. Its worst consequences are business failures and wide-spread unemployment. But almost no one escapes a degree of impoverishment. The whole tragedy of the Great Depression is summed up in what happened to the Real Dollar. From 1929 to March 1932, by reason of the lowering price level, the real dollar, measured by 1929, became $1.53; later (third week of June, 1932) $1.62. Thus all the liquidation that had been accomplished down to 1932 left the unpaid balances more burdensome (in real dollars of 153 cents apiece) than the whole debt burden had been in 1929, before liquidation began. Only one category of debt seems to have been reduced in fact as well as in name. This was brokers' loans, which were reduced, in name, 94.4 per cent, and in fact, 91 per cent. On the commercial bank debts of 39 billion, though 8½ billions had been paid up to 1932 (nominally a reduction of 21.8 per cent) the burden had not decreased but actually increased by 20 per cent.
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(The book has an active table of contents for easy access ...)
The book has an active table of contents for easy access to each chapter of the following titles: 1. THE GENERAL THEORY OF EMPLOYMENT, INTEREST AND MONEY – John Keynes 2. THE DEBT-DEFLATION THEORY OF GREAT DEPRESSIONS – Irving Fisher John Keyes made essential contributions to classical economics and has been called the most influential classical economist along with Adam Smith, Thomas Malthus, John Stuart Mill, and Karl Marx. The General Theory of Employment, Interest and Money is the most important work by John M. Keynes in economic history. The work is served as a theoretical foundation for the interventionist policies that are popular today. In addition to the theory of Keynesian economics, Keynes’s most important legacy is on the subjects of investment and mathematics. He is usually credited to lay out the theoretical foundation for President Franklin Delano Roosevelt to form the New Deal Coalition to response to the 1930 depression. John Keynes in the book THE GREAT SLUMP OF 193 called for the jointed efforts of governments, U.K. and U.S., to fight the depression. John Keynes was also one of those rare people who achieved both tremendous investing success and lasting fame. When he died, his estate was worth more than $17 million in today’s dollars. The path of value theory can be traced back to David Ricardo and John Keynes. Ricardo and Keynes pioneered the path of value investing continued by Benjamin Graham, Philip Arthur Fisher, and Warren Buffett in the United States. Debt deflation is a theory that recessions and depressions are due to the overall level of debt shrinking. Following the Wall Street Crash of 1929 and the ensuing Great Depression, Irving Fisher pioneered the theory. Prior to Fisher, Keynes also discussed the debt deflation in his book The General Theory; but Fisher further developed the theory of liquidity preference. This is a must-read book for people who are also interested in the deepest thoughts and views about U.S. depression in 1930 by John Keynes and Irving Fisher, two of the greatest economic thinkers on the planet.
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(2012 Reprint of 1925 Edition. Exact facsimile of the orig...)
2012 Reprint of 1925 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. Irving Fisher was an American economist, inventor, and 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. As a student, Fisher had shown particular talent and inclination for mathematics, but he found that economics offered greater scope for his ambition and social concerns. His thesis, published by Yale in 1892 as "Mathematical Investigations in the Theory of Value and Prices," was a rigorous development of the theory of general equilibrium. When he began writing the thesis, Fisher had not been aware that Leon Walras and his continental European disciples had already covered similar ground. Nonetheless, Fisher's work was a very significant contribution and was immediately recognized and praised as first-rate by such European masters as Francis Edgeworth. Contains an preface written by Fisher for the 1925 edition published by Yale.
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economist statistician political economist
Irving was born on February 27, 1867 in Saugerties, New York, United States. Son of Review George Whitefield and Ella (Wescott) Fisher.
Irving Fisher studied science and philosophy at Yale, where he was most interested in mathematics and economics (he had shown particular talent and inclination for mathematics, but found that economics offered greater scope for his ambition and social concerns) but at the same time he published poetry and worked on astronomy, mechanics, and geometry. Despite the fact that Yale did not have an Economics Department at that time, Fisher continued studying this science and earned the first Ph.D. in economics ever awarded by Yale.
After his graduation, he studied in Berlin and Paris.
Fisher stayed for his whole career at Yale. Nevertheless, he never forgot his other interests: due to developing and surviving tuberculosis in his early 30s Fisher had a great interest in health and hygiene. He wrote a national best-seller titled "How to Live: Rules for Healthful Living Based on Modern Science".
But first of all Fisher was one of America’s greatest mathematical economists and one of the clearest economics writers of all time. He had the intellect to use mathematics in virtually all his theories and the good sense to introduce it only after he had clearly explained the central principles in words. And he explained very well: Fisher's Theory of Interest is written so clearly that graduate economics students, who still study it today, often find that they can read and understand half the book in one sitting. With other writings in technical economics, this is unheard of. He was the founder and president of both the Econometric Society and the American Economic Association. Fisher was also an inventor. His company merged with another to form Remington Rand, which was later known as Sperry Rand. This merger made his a very wealthy man. However, he lost a great deal of this wealth in the stock market crash of 1929 and damaged his reputation by insisting throughout the Great Depression that recovery was imminent. But in spite of the fact, contemporary economic models of interest and capital are based on Fisher’s principles of money and prices, as well as monetarism is.
Fisher developed a theory of economic crises called debt-deflation, which attributed the crises to the bursting of a credit bubble. According to Fisher, the bursting of the credit bubble unleashes a series of effects that have serious negative impact on the real economy:
• debt liquidation and distress selling;
• contraction of the money supply as bank loans are paid off;
• a fall in the level of asset prices;
• a still greater fall in the net worth of businesses, precipitating bankruptcies;
• a fall in profits;
• a reduction in output, in trade and in employment;
• pessimism and loss of confidence;
• hoarding of money;
• a fall in nominal interest rates and a rise in deflation-adjusted interest rates.
This theory was largely ignored in favor of Keynesian economics, in part because of the damage to Fisher's reputation caused by his public optimism about the stock market, just prior to the crash. Debt-deflation has experienced a revival of mainstream interest since the 1980s, and particularly with the Late-2000s recession, and is now the major theory with which Fisher's name is associated.
Fisher's research into the basic theory of prices and interest rates did not touch directly on the great social issues of the day. On the other hand, his monetary economics did and this grew to be the main focus of Fisher’s mature work.
It was Fisher who formulated the quantity theory of money in terms of the "equation of exchange": Let M be the total stock of money, P the price level, T the amount of transactions carried out using money, and V the velocity of circulation of money, so that MV=PT. Fisher believed that investors and savers – people in general – were afflicted in varying degrees by "money illusion"; they could not see past the money to the goods the money could buy. In an ideal world, changes in the price level would have no effect on production or employment. In the actual world with money illusion, inflation (and deflation) did serious harm.
Irving Fisher was very influential in a variety of areas. One particular area was his development of index numbers - a mathematical technique that is invaluable in economics. Index numbers that we use today include the FTSE index to measure share values and the RPI to measure inflation.
Fisher is probably best remembered today in neoclassical economics for his theory of capital, investment, and interest rates, first exposited in his "The Nature of Capital and Income" (1906) and elaborated on in "The Rate of Interest" (1907). His 1930 treatise, "The Theory of Interest", summed up a lifetime's research into capital, capital budgeting, credit markets, and the factors (including inflation) that determine interest rates.
Fisher saw that subjective economic value is not only a function of the amount of goods and services owned or exchanged, but also of the moment in time when they are purchased. A good available now has a different value than the same good available at a later date; value has a time as well as a quantity dimension. The relative price of goods available at a future date, in terms of goods sacrificed now, is measured by the interest rate. Fisher made free use of the standard diagrams used to teach undergraduate economics, but labeled the axes "consumption now" and "consumption next period" (instead of the usual schematic alternatives of "apples" and "oranges"). The resulting theory, one of considerable power and insight, was presented in detail in "The Theory of Interest".
(Article by Irving Fisher (1936), Professor Emeritus of Ec...)
(The credit crunch today is not destroying capital but rec...)
(Excerpt from Eugenics Eugenics is simply an application o...)
(The book has an active table of contents for easy access ...)
(A DEPRESSION is a condition in which business becomes unp...)
(2011 reprint of 1928 edition. Full facsimile of the origi...)
(2012 Reprint of 1930 Edition. Exact facsimile of the orig...)
(2012 Reprint of 1925 Edition. Exact facsimile of the orig...)
Irving Fisher was married to Margaret.