By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. This edition was published in 1961 by Yale University Library in New Haven. Irving Fisher was one of the greatest and certainly one of the most colorful American economists. Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist, health campaigner, and eugenicist, and one of the earliest American neoclassical economists, though he later rejected the underlying theory of general equilibrium, and his later work on debt deflation is instead considered in the Post-Keynesian school. He received his doctoral degree in mathematics at Yale in 1891. Usually included within the social sciences are cultural (or social) anthropology, sociology, psychology, political science, and economics. Fisher believed that interest rates result from the interaction of two forces: the “time preference” that people have for immediate income, and the investment opportunity principle (simply put, the possibility that income invested now will yield greater income later). Irving Fisher, (born February 27, 1867, Saugerties, New York, U.S.—died April 29, 1947, New Haven, Connecticut), American economist best known for his work in the field of capital theory. This dogma continues to be used by economists nowadays who advocate consumption taxes. He felt that the prevailing mechanism tilted in favor those who consumed rather than those who saved. Irving Fisher was a great American mathematician, economist, and writer. It is virtually impossible to do justice to Fisher's many contributions to economics and statistics, but his … In contrast to Marx and Keynes, he could develop his ideas fully, specify them, and so strip them of their obscurities and contradictions that the formulas which emerged were extraordinarily plain and clear. Among more than two dozen books, his most important, in addition to Purchasing Power, were Mathematical Investigations in the Theory of Value and Prices (1892), The Nature of Capital and Income (1906), The Making of Index Numbers (1922), The Theory of Interest (1930), and Booms and Depressions (1932). He gained an eclectic education at Yale, studying science and philosophy. This has an effect of double taxation on savings, making consumption relatively more attractive. Irving Fisher was born in upstate New York in 1867. He famously predicted, three days before the crash, "Stock prices have reached what looks like a permanently high […] He gained an eclectic education at Yale, studying science and philosophy. Buy Irving Fisher: A Biography by Robert L. Allen (ISBN: 9781557863058) from Amazon's Book Store. Fisher believed the dollar should be defined not by the weight of gold but by the value of gold; this value could be determined by an index number based on the price of a given set of goods. He published poetry and works on astronomy, mechanics, and geometry. He was born on February 27th, 1867 and past away post World War II on April 29th, 1947. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. Whatever the difficulty of the subject, Fisher excelled at di… Social science, any branch of academic study or science that deals with human behaviour in its social and cultural aspects. Fisher was born in Saugerties, New York. Irving Fisher was born in Saugerties, N. Y., on Feb. 27, 1867. At least two Americans were prominent builders of the "temple," John Bates Clark and Irving Fisher. Irving Fisher: A Biography [Allen, Robert L.] on Amazon.com.au. Irving then supported his mother, brother, and himself, mainly by tutoring. Read honest and unbiased product reviews from our users. According to Fisher, the value of the money supply times its circulation within the economy equaled the product of the general price level and the aggregate number of transactions. Irving Fisher : biography February 27, 1867 – April 29, 1947 Stock market crash of 1929 The stock market crash of 1929 and the subsequent Great Depression cost Fisher much of his personal wealth and academic reputation. He received his doctoral degree in mathematics at Yale in 1891. This stream however is independent of the capital. Irving Fisher: A Biography: Allen, Robert Loring: 9781557863058: Books - Amazon.ca. Read honest and unbiased product reviews from our users. Find helpful customer reviews and review ratings for Irving Fisher: A Biography at Amazon.com. A week after he was admitted to Yale Collegehis father died, at age 53. Irving Fisher, (born February 27, 1867, Saugerties, New York, U.S.—died April 29, 1947, New Haven, Connecticut), American economist best known for his work in the field of capital theory. Since no effort is necessary to comprehend his meaning, there is a tendency to underestimate the complexity and, in many instances, the originality of his thinking. Everyday low prices and free delivery on eligible orders. Irving Fisher (1867-1947) was born in Saugerties, New York, in 1867. Fisher made important contributions to utility theory and general equilibrium. Fisher presented his own theory on interest as a choice of a community between a dollar of the present and a dollar of the future. As a child, he had re­mark­able math­e­mat­i­cal abil­ity and a flair for in­ven­tion. A week after he was ad­mit­ted to Yale Col­lege his fa­ther died, at age 53. Irving Fisher was a famous American economist, who was born on February 27, 1867.As a person born on this date, Irving Fisher is listed in our database as the 53rd most popular celebrity for the day (February 27) and the 19th most popular for the year (1867). Irving Fisher was born in Saugerties, N. Y., on Feb. 27, 1867. Click and Collect from your local Waterstones or get FREE UK delivery on orders over £25. Fisher’s take on taxation systems was also noteworthy. Irving Fisher. Moreover, in 1926 he was one of the founders of Remington Rand, Inc., and he served on its board of directors until his death. He grad­u­ated first in his class with a B.A de­gree in 1888, hav­in… Thus, argued Fisher, an income tax is biased against saving and in favour of consumption. Irving Fisher : a biography Item Preview remove-circle Share or Embed This Item. This is still the way economists view capital and income today. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the Post-Keynesian school., January 24th, 2010, Steve Keen. Fisher was born on 27th February, 1867, in Saugerties, New York to a religious family. He also proved himself an able businessman, earning a fortune in 1910 by marketing a card-index file system he had devised. He remained at Yale during his entire professional career. Irving Fisher was born in Saugerties, N.Y., on Feb. 27, 1867. BIOGRAPHY 20.1 Irving Fisher (1867 -1947) Irving Fisher was born at Saugerties, New York, the son of a Congregational minister. He received his doctoral degree in mathematics at Yale in 1891. Irving Fisher Biography - - Irving Fisher Biography and List of Works - Irving Fisher Books COVID-19 Update September 1, 2020: Biblio is open and shipping orders. Moreover, it was Fisher who defined real interest as the difference between the nominal interest rate and the expected inflation figure. De­spite being raised in re­li­gious fam­ily, he later on be­came an atheist. He was one of the first economists to subscribe to the neoclassical school of thought and is widely recognized for his contributions to capital theory. Fisher’s crusading spirit led him to embrace many reformist causes, including health, eugenics, conservation, prohibition, and the League of Nations. EMBED. His fa­ther was a teacher and a Con­gre­ga­tional min­is­ter, who raised his son to be­lieve he must be a use­ful mem­ber of so­ci­ety. Widely acknowledged as the chief architect of modern neo-classical economics, he was a writer and teacher of prodigious scope and output whose business career included the earning of a fortune from the invention of a card index system, and its subsequent loss in the Great Crash. Irving Fisher continued his association with Yale by staying on as a tutor. This article was most recently revised and updated by, https://www.britannica.com/biography/Irving-Fisher, The Library of Economics and Liberty - Biography of Irving Fisher. He also contributed to the development of modern monetary theory. 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