Irving Fisher

Irving Fisher (* 27. February 1867; † 29. April 1947) was an US-American economist. It ranks among the general agents of the Neoklassik of the USA, takes however into the Neoklassik a special role.

Irving Fisher is possibly one the first US-American Neoklassiker and the first “star economist.” Its Reputation is today probably still larger than during its lifetimes. Some connections were designated after it, so for example the Fisher equation, the Fisher effect and the Fisher separate ion theorem.

Fisher's father was teacher and municipality minister and educated his son to the faith, which had to be he a useful member of the society. Irving showed early a mathematical gift and an inclination to inventing. One week after he at the Yale university became certified, died its father at the age of 53 years. Nothing the defiance began Fisher its study and supported his nut/mother and his brother financially from his training activity as Tutor.

Fisher's strongest subject was mathematics, but political economy corresponded more to its conceptions of it a contribution to the society to carry out. For its career and its thesis he decided to connect both and worked in the area of the mathematical VWL. In the year 1892 it received the first doctor title in economics, to which at Yale one lent. Its doctor fathers were the physicist wanting pool of broadcasting corporations Gibbs and the economist William Graham Sumner. When Fisher began with his work, was not clear it, which gave it already substanzielle contributions in the area to the mathematical economics. However its work achieved very fast a high level and its contributions also of European economists as first-class was understood.

Fisher was always very anxious to bring lives into his analyses. Although its books and articles were from for its time unusual mathematical nature, it succeeded to it nevertheless to present its theory plausibly.

Its research work to the basic theory did not affect yet the social questions of its time. This changed however, when Fisher turned to questions of the Geldtheorie, which became the center of his work. To the end 19. Century was there in the USA disagreement over the question of the money standard: should the value of the dollar the market forces remain left or bind to the value of a certain quantity of silver or gold, or a combination of both? For one of the systems to decide was called themselves either for the west or the east, Farmer or backer, debtors or creditor to decide… A connection at silver (or gold) without delimitation of the coinage quantity was in particular in the interest of of mine owners in the west of the USA as well as of Farmern, which promised themselves from a money expansion an increase of the prices of products of farm. Likewise debtors expected a material discharge in the course of a money supply expansion. (“Free silver movement” or” Free more silver movement “)

Fisher busy itself at that time with an abstract analysis of the behavior of interest rates with changing price level. It underlined the separation from material and nominal interest rates, a separation those nowadays is fundamental for the analysis of inflation. Fisher believed, which humans were subject to the “money illusion” in different way: they have difficulties to look behind the money and on the goods which can be bought with money. In an ideal world changes in the price level would not affect production and occupation, but in the reality of the “money illusion” inflation and deflation could cause serious damage.

In the year 1898 - Fisher was already professor at Yale and lucky married, the second child only two years old - with Fisher Tuberkulose one diagnosed, that illness, at which its father had deceased. After a three-year sanatorium stay it turned to its work back - with larger energy as before and a second appointment than Vorkämpfer for health questions. In the public it became by a book admits, which concerns itself with questions of health and hygiene. Its commitment in health questions, for Jogging and the avoidance of red meat gave it a call as Gesundheitsfanatiker, which probably also its authority as a serious economist damaged. In addition Fisher was a convinced Eugeniker.

For more than forty years Fisher worked on his conception of the defective effects “dance of the dollar” and sketched ways of stabilizing the price level. Statistic analyses played a crucial role over to justify, why the price level of a stabilization required. Fisher was one of the pioneers in the use of correlation analysis in the VWL and in the twenties led he the technology distributed was appropriate for analysis in. One its article over the statistic connection between unemployment and changes of the price level was put to 1973 and published in the journal OF Political Economy under the title “I discovered the Phillips curve” (I discovered the Phillips curve). Index numbers played an important role in its techniques as money theoreticians and its book “The Making OF index Numbers” were an influential contribution.

Fisher was a very productive author, theoretical papers wrote and at the same time in journalistic contributions the problems of the 1. World war, the golden twenties and the world economic crisis in the 30's 20. Century took up. Its most well-known book “The Purchasing power OF Money” (1911) put the quantity theory out its explanation of the regulation reasons of the price level - and its still considered book “Theory OF Interest” (1930) seized its aspect of the effects of price level on the interest rate just as together as the material forces under the nominal sizes.

The large collapse of the stock market of 1929 and the following world economic crisis brought themselves difficult times also over Fisher. It lost its fortune, which it had gained with its map index invention “Rolodex”. Fisher made few days before the collapse of the stock market his famous statement the fact that “share quotations in seems like it achieved - durably high level.” Even in the months after that boron-loweringrapidly it drove away investors to insure, which would come a recovery soon. When the world economic crisis on its high point was, it began to warn of the economic dangers of the deflation. The price level remained central in its thinking, but its debt deflation theory stressed the rising material load of debts with falling price level. The analysis could not convince and those, which looked for new ideas, turned instead the ideas from Keynes to.

Fisher is today earliest admits for its price and capital theory.

works (selection)

the bibliography, arranged of Fisher's son:

  • Irving Norton Fisher A Bibliography OF the Writings OF Irving Fisher (1961)

list with 2425 publications. A selection of the outstanding contributions:

  • Mathematical Investigations into the Theory OF VALUE and Prices. , 1892
  • Appreciation and, 1896 The
  • Nature OF Capital and Income, 1906 The
  • rate OF Interest, 1907 Introduction
  • tons of Economic Science, 1910 The
  • Purchasing power OF Money interest: Its Determination and relation ton of Credit, Interest, and Crises, 1911
  • Elementary Principles OF Economics, 1911
  • How tons of live ones (with Eugene Lyon Fisk) 1915
  • The best form OF index NUMBER. in American Statistical Association Quarterly, 1921
  • The Making OF index Numbers, 1922
  • The Business Cycle Largely A “thanks OF the dollar”. Journal OF the American Statistical Society 1923.
  • A statistical relation between unemployment and price CHANGEs, in internationally labour Review, 1926
  • A statistical method for measuring “marginally utility” and testing the justice OF A progressive income tax. In Economic essay Contributed in Honor OF John Bates Clark , 1927
  • The stick Market Crash and after, 1930
  • The Theory OF Interest, 1930 on-line version
  • boom and depression, 1932
  • The debt deflation theory OF great depression, in Econometrica, 1933
  • 100% Money, 1935


 

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