Irving Fisher (1867–1947) was an American economist, statistician, and inventor, among the most influential 20th-century economists. His work shaped monetary theory, interest rates, and econometrics, influencing modern economic thought.
Born in Saugerties, New York, he studied at Yale University, earning a PhD (1891) under Josiah Willard Gibbs. As a Yale professor, he pioneered mathematical economics research.
Fisher’s contributions include the quantity theory of money, the Fisher equation, and the theory of interest rates. His book The Purchasing Power of Money (1911) introduced the equation of exchange, explaining inflation and monetary policy. The Theory of Interest (1930) remains a foundational finance text.
His debt deflation theory (1933) provided insights into economic crises, influencing post-Keynesian thought. He also advocated full-reserve banking, co-authoring A Program for Monetary Reform (1939.) Beyond economics, Fisher invented the card index system and promoted hygiene and nutrition.
Robert Loring Allen’s Irving Fisher: A Biography (1993) examines Fisher’s contributions to economics, monetary theory, and public health.
More: Wikipedia • READ: Works by Irving Fisher
The rate of interest acts as a link between income-value and capital-value
—Irving Fisher
Topics: Economy, Economics
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