Acclaimed by Joseph Schumpeter as 'The greatest economist the United States has ever produced', this book examines the life and work of American economist and statistician Irving Fisher (18671947). Fisher's reputation suffered for decades after his incorrect predictions for the stock market in October 1929 and the impact of Keynesian macroeconomics, but the importance of his work came to be recognized through the advocacy of many prestigious scholars including Milton Friedman, Hyman Minsky and James Tobin. With pivotal contributions including his Debt-Deflation Theory, Fisher Diagram and Ideal Index Number, his research in neoclassical economics influenced policymaking in his own day as well as during the recent financial crisis. This volume will be of interest to all those interested in the twentieth century transformation of economics.

Examines the life and work of Irving Fisher Traces Fisher's revitalization of the quantity theory of money Considers how Fisher's work on Debt-Depression Theory influence policy making during the recent financial crisis Examines Fisher's scientific legacy in economics

Autorentext

Robert Dimand is Professor of Economics at Brock University, Canada. In 2012-2013 he was President of the History of Economics Society. His first book, The Origins of the Keynesian Revolution (1988), was based on his Yale PhD dissertation, supervised by James Tobin. Since then he has authored and edited a dozen books, and more than 100 refereed journal articles. He previously published another book in this series entitled James Tobin (2014).

Inhalt

1. Economic Scientist, Economic and Social Reformer.- 2. Indifference Curves and a Hydraulic Model of General Equilibrium.- 3. Revitalizing the Quantity Theory of Money: From the Fisher Relation to the Fisher Equation.- 4. The Fisher Diagram and the Neoclassical Theory of Interest and Capital.- 5. Taming the Dance of the Dollar from the Compensated Dollar to 100% Money.- 6. Fighting Money Illusion: The Fisher Ideal Index Number.- 7. Hubris, Nemesis and Analysis: Stock Prices appear to have reached a Permanently High Plateau.- 8. The Debt-Deflation Theory of Great Depressions.- 9. Changing Economics: Fisher, the Cowles Commission, and the Econometric Society.- 10. Fisher's Legacy in Economics.