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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 ]
The theory was developed by Irving Fisher following the Wall Street crash of 1929 and the ensuing Great Depression. The debt deflation theory was familiar to John Maynard Keynes prior to Fisher's discussion of it, but he found it lacking in comparison to what would become his theory of liquidity preference. [1]
It was popularized by John Maynard Keynes in the early twentieth century, and Irving Fisher wrote an important book on the subject, The Money Illusion, in 1928. [ 1 ] The existence of money illusion is disputed by monetary economists who contend that people act rationally (i.e. think in real prices) with regard to their wealth. [ 2 ]
The eminent economist Irving Fisher, building upon work by Newcomb, developed the theory further in what has been called "The Golden Age of the quantity theory", [1] formalizing the equation of exchange and attempting to measure the velocity of money independently empirically.
“Does Tobacco Injure the Human Body?” by Irving Fisher, from the Dearborn Independent, November 1924. As the ’20 s roared on, Americans found even more reasons to light up.
Highest and best use (or highest or best use; HBU) is a concept in real estate appraisal that originated with early economists such as Irving Fisher, who conceptualized the idea of maximum productivity.
In financial mathematics and economics, the Fisher equation expresses the relationship between nominal interest rates, real interest rates, and inflation. Named after Irving Fisher , an American economist, it can be expressed as real interest rate ≈ nominal interest rate − inflation rate.
In economics, the Fisher effect is the tendency for nominal interest rates to change to follow the inflation rate. It is named after the economist Irving Fisher , who first observed and explained this relationship.