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| {{Infobox economist
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| | school_tradition = [[Neoclassical economics]]
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| | color = indigo
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| | image = Irvingfisher.jpg
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| | caption =
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| | name = Irving Fisher
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| | birth_date = {{Birth date|1867|2|27|mf=y}}
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| | birth_place = [[Saugerties (village), New York|Saugerties, New York]]
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| | death_date = {{Death date and age|1947|4|29|1867|2|27|mf=y}}
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| | death_place = [[New York City, New York]]
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| | nationality = [[United States]]
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| | field = [[Mathematical economics]]
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| | influences = [[William Stanley Jevons|Jevons]], [[Willard Gibbs|Gibbs]], [[William Graham Sumner|Sumner]], [[Eugen von Böhm-Bawerk|Böhm-Bawerk]]
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| | opposed =
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| | influenced = [[Milton Friedman|Friedman]], [[James Tobin|Tobin]], [[Franco Modigliani|Modigliani]], [[Ben Bernanke|Bernanke]], [[Scott Sumner|Sumner]], [[Steve Keen|Keen]], [[Maurice Allais|Allais]]
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| | contributions = [[Fisher equation]]<br>[[Equation of exchange]]<br>[[Price index]]<br>[[Debt deflation]]<br>[[Phillips curve]]<br>[[Money illusion]]<br>[[Fisher separation theorem]]<br>[[Independent Party of Connecticut]]
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| |alma_mater=[[Yale University]]
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| }}
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| '''Irving Fisher''' (February 27, 1867 – April 29, 1947) was an [[United States|American]] [[Economics|economist]], [[statistician]], inventor, and [[Progressivism|Progressive]] social campaigner. He was one of the earliest American [[Neoclassical economics|neoclassical economists]], though his later work on [[debt deflation]] has been embraced by the [[Post-Keynesian economics|Post-Keynesian]] school.<ref name="dw42">[http://www.debtdeflation.com/blogs/2010/01/24/debtwatch-no-42-the-economic-case-against-bernanke/ Debtwatch No. 42: The economic case against Bernanke], January 24th, 2010, [[Steve Keen]]</ref>
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| Fisher made important contributions to [[Utility|utility theory]] and [[General equilibrium theory|general equilibrium]].<ref name="Stigler-I">{{Cite jstor|1828885}}</ref><ref name="Stigler-II">{{Cite jstor|1825710}}</ref> He was also a pioneer in the rigorous study of [[intertemporal choice]] in markets, which led him to develop a theory of [[capital (economics)|capital]] and [[interest rate]]s.<ref name="Tobin">{{cite |last=Tobin |first=James |title=Fisher, Irving (1867–1947) |journal=The New Palgrave Dictionary of Economics| pages=369–376 |year=1987 |doi=10.1057/9780230226203.0581}}</ref> His research on the [[quantity theory of money]] inaugurated the school of macroeconomic thought known as "[[monetarism]]."<ref name="DeLong">{{cite journal| author=[[J. Bradford DeLong]] |title=The Triumph of Monetarism? |journal=Journal of Economic Perspectives |volume=14 | pages=83–94 |year=2000 |jstor=2647052 | issue=1| doi=10.1257/jep.14.1.83}}</ref> Both [[James Tobin]]<ref name="Tobin" /> and [[Milton Friedman]]<ref name="Friedman">Milton Friedman, ''Money Mischief: Episodes in Monetary History'', Houghton Mifflin Harcourt (1994) p. 37. ISBN 0-15-661930-X</ref> called Fisher "the greatest economist the United States has ever produced."
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| Fisher was perhaps the first celebrity economist, but his reputation during his lifetime was irreparably harmed by his public statements, just prior to the [[Wall Street Crash of 1929]], claiming that the stock market had reached "a permanently high plateau." His subsequent theory of [[debt deflation]] (in ''Booms and Depressions'', 1932) as an explanation of the [[Great Depression]], and his later works about [[full-reserve banking]] (in ''100% Money, ''1935'')'' and [[alternative currencies]] (in ''Stamp Scrip, ''1933'')'' were largely ignored in favor of the work of [[John Maynard Keynes]].<ref>Martino Comelli (2013), "[http://mrtno.com/doc/fisher.pdf The surprising origins and legacy of Irving Fisher’s crankish ideas]". Retrieved 2013-08-12.</ref> His reputation has since recovered in neoclassical economics, particularly after his work was revived in the late 1950s<ref name="Tobin" /><ref name="Hirschleifer">{{cite journal| author=[[Jack Hirshleifer]] |title=The Theory of Optimal Investment Decisions |journal=Journal of Political Economy |volume=66 | pages=329–352 |year=1958| doi=10.1086/258057| issue=4}}</ref><ref name="Bernanke">[[Ben Bernanke]], ''Essays on the Great Depression'', (Princeton: Princeton University Press, 2000), p. 24. ISBN 0-691-01698-4.</ref> and more widely due to an increased interest in debt deflation after the [[2008–2012 global recession|late-2000s recession]].<ref name="shadow">[http://www.economist.com/businessfinance/displaystory.cfm?story_id=13104022 Out of Keynes's shadow], [[The Economist]], Feb 12th 2009</ref> Some concepts named after Fisher include the [[Fisher equation]], the [[Fisher hypothesis]], the [[international Fisher effect]], and the [[Fisher separation theorem]].
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| ==Biography==
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| Fisher was born in [[Saugerties (village), New York|Saugerties, New York]]. His father was a teacher and a [[Congregational church|Congregational]] minister, who raised his son to believe he must be a useful member of society. Despite being raised in religious family, he later on became an atheist.<ref>{{cite book|title=The Economics of Prohibition|year=2007|publisher=Ludwig von Mises Institute|isbn=9781610160476|author=Mark Thornton|accessdate=21 October 2012|page=16|quote=Fisher's atheism would appear to place him at odds with religious reformers, the principal supporters of Prohibition. Still, though Fisher gave up belief in God and religion, he remained convinced of the doctrines and methods of postmillennialist evangelical Protestantism.}}</ref> As a child, he had remarkable mathematical ability and a flair for invention. A week after he was admitted to [[Yale University|Yale College]] his father died, at age 53. Irving then supported his mother, brother, and himself, mainly by tutoring. He graduated first in his class with a B.A degree in 1888, having also been elected as a member of the [[Skull and Bones]] society.<ref>{{cite web | url=http://mssa.library.yale.edu/obituary_record/1925_1952/1946-47.pdf | title=Obituary record of graduates deceased during the year ending July 1, 1947 | publisher=Yale University | year=1948 | accessdate=April 20, 2011}}</ref>{{rp|14}}
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| In 1891, Fisher received the first [[Ph.D.]] in economics granted by Yale.<ref>Shiller, Robert (2011). "[http://www.econ.yale.edu/alumni/conf2011/shiller-presentation.pdf The Yale Tradition in Macroeconomics,]" (pg. 31). Economic Alumni Conference.</ref> His faculty advisors were the theoretical physicist [[Josiah Willard Gibbs|Willard Gibbs]] and the sociologist [[William Graham Sumner]]. As a student, Fisher had shown particular talent and inclination for mathematics, but he found that economics offered greater scope for his ambition and social concerns. His thesis, published by Yale in 1892 as ''Mathematical Investigations in the Theory of Value and Prices'', was a rigorous development of the [[general equilibrium theory|theory of general equilibrium]]. When he began writing the thesis, Fisher had not been aware that [[Léon Walras]] and his continental European disciples had already covered similar ground. Nonetheless, Fisher's work was a very significant contribution and was immediately recognized and praised as first-rate by such European masters as [[Francis Edgeworth]].
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| After graduating from Yale, Fisher studied in Berlin and Paris. From 1890 onward, he remained at Yale, first as a tutor, then after 1898 as a professor of political economy, and after 1935 as professor emeritus. He edited the ''Yale Review'' from 1896 to 1910 and was active in many learned societies, institutes, and welfare organizations. He was president of the [[American Economic Association]] in 1918. The [[American Mathematical Society]] selected him as its Gibbs Lecturer for 1929.<ref>{{cite journal|author=Fisher, Irving|title=The application of mathematics to the social sciences|journal=Bull. Amer. Math. Soc.|year=1930|volume=36|issue=4|pages=225–243|mr=1561927}}</ref> A leading early proponent of [[econometrics]], in 1930 he founded, with [[Ragnar Frisch]] and [[Charles F. Roos]] the [[Econometric Society]], of which he was the first president.
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| Fisher was a prolific writer, producing journalism as well as technical books and articles, and addressing various social issues surrounding of the First World War, the prosperous 1920s and the depressed 1930s. He made several practical inventions, the most notable of which was an "index visible filing system" which he patented in 1913<ref name="Patent">{{US patent|1048058}}</ref> and sold to Kardex Rand (later [[Remington Rand]]) in 1925. This, and his subsequent stock investments, made him a wealthy man until his personal finances were badly hit by the Crash of 1929.
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| Fisher was also an active social and health campaigner, as well as an advocate of [[vegetarianism]], [[Prohibition]], and [[eugenics]].<ref name="Fuchs">{{cite journal| author=[[Victor R. Fuchs]] |title=Health, Government, and Irving Fisher |journal=American Journal of Economics and Sociology |volume=64 | pages=407–425 |year=2005 |jstor=3488138 |doi=10.1111/j.1536-7150.2005.00370.x | issue=1}}</ref> He died in New York City in 1947, at the age of 80.
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| ==Economic theories==
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| === Utility theory ===
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| [[James Tobin]] argued that the intellectual breakthroughs that marked the [[Marginalism|neoclassical revolution]] in economics occurred in Europe around 1870. The next two decades witnessed lively debates, which led to the new theory being more or less incorporated into the classical tradition that preceded it.<ref>{{cite journal| last=Tobin| first=James |title=Neoclassical Theory in America: J. B. Clark and Fisher |journal=[[American Economic Review]] |volume=75 | pages=28–38 |year=1985 | issue=6}}</ref> In the 1890s, according to [[Joseph Schumpeter|Joseph A. Schumpeter]] there emerged
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| {{quote|A large expanse of common ground and ... a feeling of repose, both of which created, in the superficial observer, an impression of finality – the finality of a Greek temple that spreads its perfect lines against a cloudless sky. Of course, Tobin argues, the temple was by no means complete. Its building and decoration continue to this day, even while its faithful throngs worship within. American economists were not present at the creation. To a considerable extent they built their own edifice independently, designing some new architecture in the process. They participated actively in the international controversies and syntheses of the period 1870–1914. At least two Americans were prominent builders of the "temple," John Bates Clark and Irving Fisher. They and others brought neoclassical theory into American journals, classrooms, and textbooks, and its analytical tools into the kits of researchers and practitioners. Eventually, for better or worse, their paradigm would dominate economic science in this country.<ref>''Schumpeter, A History of Economic Analysis'' (1954), p. 754</ref>}}
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| In reviewing the history of [[utility]] theory, economist [[George Stigler]] wrote that Fisher's doctoral thesis had been "brilliant" and stressed that it contained "the first careful examination of the measurability of the utility function and its relevance to demand theory."<ref name="Stigler-II" /> While his published work exhibited an unusual degree of mathematical sophistication for an economist of his day, Fisher always sought to bring his analysis to life and to present his theories as lucidly as possible. For instance, to complement the arguments in his doctoral thesis, he built an elaborate hydraulic machine with pumps and levers, allowing him to demonstrate visually how the equilibrium prices in the market adjusted in response to changes in supply or demand.
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| ===Interest and capital===
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| Fisher is probably best remembered today in neoclassical economics for his theory of [[capital (economics)|capital]], [[investment]], and [[interest rates]], first exposited in his ''The Nature of Capital and Income'' (1906) and elaborated on in ''The Rate of Interest'' (1907). His 1930 treatise, ''The Theory of Interest'', summed up a lifetime's research into capital, [[capital budgeting]], [[credit market]]s, and the factors (including [[inflation]]) that determine interest rates.
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| Fisher saw that subjective economic value is not only a function of the amount of goods and services owned or exchanged, but also of the moment in time when they are purchased. A good available now has a different value than the same good available at a later date; value has a time as well as a quantity dimension. The [[relative price]] of goods available at a future date, in terms of goods sacrificed now, is measured by the [[interest rate]]. Fisher made free use of the standard diagrams used to teach undergraduate economics, but labeled the axes "consumption now" and "consumption next period" (instead of the usual schematic alternatives of "apples" and "oranges"). The resulting theory, one of considerable power and insight, was presented in detail in ''The Theory of Interest'' (for a concise exposition, see [https://web.archive.org/web/20080429203224/http://cepa.newschool.edu/het/essays/capital/fisherinvest.htm here].)
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| This model, later generalized to the case of ''K'' goods and ''N'' periods (including the case of infinitely many periods) has become a standard theory of capital and interest, and is described in Gravelle and Rees,<ref name="Gravelle">Gravelle, H., and Rees, R., 2004. ''Microeconomics'', 3rd ed. Pearson Education, ch. 11.</ref> and Aliprantis, Brown, and Burkinshaw.<ref name="Aliprantis">{{cite book|last1=Aliprantis |first1=Charalambos D.|authorlink1=Charalambos D. Aliprantis| last2=Brown|first2=Donald J.|last3=Burkinshaw|first3=Owen|title=Existence and optimality of competitive equilibria|chapter=5 The overlapping generations model (pp. 229–271)|publisher=Springer-Verlag|location=Berlin|date=April 1988|edition=1990 student|pages=xii+284|isbn=3-540-52866-0|mr=1075992}}</ref> This theoretical advance is explained in Hirshleifer.<ref name="Hirschleifer"/>
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| [[Steve Keen]]'s [[debt reset|Debt-Reset Theory]] predicting the 2008 recession utilized some of Fisher's work.
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| ===Monetary economics===
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| Fisher's research into the basic theory of prices and interest rates did not touch directly on the great social issues of the day. On the other hand, his [[monetary economics]] ''did'' and this grew to be the main focus of Fisher’s mature work.
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| It was Fisher who (following the pioneering work of [[Simon Newcomb]]) formulated the [[quantity theory of money]] in terms of the "[[equation of exchange]]:" Let ''M'' be the total stock of money, ''P'' the [[price level]], ''T'' the amount of transactions carried out using money, and ''V'' the [[Velocity of money|velocity of circulation]] of money, so that
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| :<math>M V = P T </math> | |
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| Later economists replaced ''T'' by the real output ''Y'' (or ''Q''), usually quantified by the real [[Gross domestic product]] (GDP).
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| Fisher's ''Appreciation and Interest'' was an abstract analysis of the behavior of [[interest rate]]s when the [[price level]] is changing. It emphasized the distinction between [[real interest rate|real]] and [[nominal interest rate]]s:
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| :<math>r=\frac{(1+i)}{(1+\pi)}-1 \simeq i - \pi </math>
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| where <math>r</math> is the real interest rate, <math>i</math> is the nominal interest rate, and the inflation <math>\pi</math> is a measure of the increase in the price level. When inflation is sufficiently low, the real interest rate can be approximated as the nominal interest rate minus the expected [[inflation rate]]. The resulting equation is known as the [[Fisher equation]] in his honor.
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| Fisher believed that investors and savers – people in general – were afflicted in varying degrees by "[[money illusion]]"; they could not see past the money to the goods the money could buy. In an ideal world, changes in the price level would have no effect on production or employment. In the actual world with money illusion, [[inflation]] (and deflation) did serious harm. For more than forty years, Fisher elaborated his vision of the damaging “dance of the dollar” and devised various schemes to “stabilize” money, i.e. to stabilize the price level. He was one of the first to subject [[macroeconomic]] data, including the money stock, interest rates, and the price level, to statistical analyses and tests. In the 1920s, he introduced the technique later called [[distributed lag]]s. In 1973, the ''Journal of Political Economy'' posthumously reprinted his 1926 paper on the statistical relation between [[unemployment]] and [[inflation]], retitling it as "I discovered the [[Phillips curve]]". [[Price index|Index numbers]] played an important role in his monetary theory, and his book ''The Making of Index Numbers'' has remained influential down to the present day.
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| Fisher's main intellectual rival was the Swedish economist [[Knut Wicksell]]. Fisher espoused a more succinct explanation of the quantity theory of money, resting it almost exclusively on long run prices. Wicksell's theory was considerably more complicated, beginning with interest rates in a system of changes in the real economy. Although both economists concluded from their theories that at the heart of the business cycle (and economic crisis) was government monetary policy, their disagreement would not be solved in their lifetimes, and indeed, it was inherited by the policy debates between the Keynesians and monetarists beginning a half-century later.
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| ===Debt-deflation===
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| {{further|Debt deflation}}
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| Following the stock market crash of 1929, and in light of the ensuing [[Great Depression]], Fisher developed a theory of [[economic crises]] called '''[[debt-deflation]]''', which attributed the crises to the bursting of a [[credit bubble]]. According to Fisher, the bursting of the credit bubble unleashes a series of effects that have serious negative impact on the real economy:
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| # Debt liquidation and distress selling.
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| # Contraction of the money supply as bank loans are paid off.
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| # A fall in the level of asset prices.
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| # A still greater fall in the net worth of businesses, precipitating bankruptcies.
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| # A fall in profits.
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| # A reduction in output, in trade and in employment.
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| # Pessimism and loss of confidence.
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| # Hoarding of money.
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| # A fall in nominal interest rates and a rise in deflation-adjusted interest rates.
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| This theory was largely ignored in favor of [[Keynesian economics]], in part because of the damage to Fisher's reputation caused by his public optimism about the stock market, just prior to the crash. Debt-deflation has experienced a [[Debt deflation#Mainstream interest|revival of mainstream interest]] since the 1980s, and particularly with the [[Late-2000s recession]]. [[Steve Keen]]'s [[debt reset|Debt-Reset Theory]] predicted the 2008 recession by incorporating some of Fisher's work on debt deflation. Debt deflation is now the major theory with which Fisher's name is associated.<ref name="shadow" />
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| ==Stock market crash of 1929==
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| The stock market [[crash of 1929]] and the subsequent [[Great Depression]] cost Fisher much of his personal wealth and academic reputation. He famously predicted, three days before the crash, ''"Stock prices have reached what looks like a permanently high plateau." '' Irving Fisher stated on October 21 that the market was "only shaking out of the lunatic fringe" and went on to explain why he felt the prices still had not caught up with their real value and should go much higher. On Wednesday, October 23, he announced in a banker’s meeting "security values in most instances were not inflated." For months after the Crash, he continued to assure investors that a recovery was just around the corner. Once the [[Great Depression]] was in full force, he did warn that the ongoing drastic [[deflation (economics)|deflation]] was the cause of the disastrous cascading insolvencies then plaguing the American economy because deflation increased the real value of debts fixed in dollar terms. Fisher was so discredited by his 1929 pronouncements and by the failure of a firm he had started that few people took notice of his "debt-deflation" analysis of the Depression. People instead eagerly turned to the ideas of [[John Maynard Keynes|Keynes]]. Fisher's debt-deflation scenario has since seen a revival since the 1980s.
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| ==Constructive Income Taxation==
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| Lawrence Lokken, the University of Miami School of Law professor of economics, credits
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| <ref>{{Cite book | |
| | last = Lokken
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| | first = Lawrence
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| | authorlink = Lawrence Lokken
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| | title = Taxing USA tomorrow. (Unlimited Savings Allowance Tax)
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| | publisher = Amazon.com
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| | series = Southern Economic Journal
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| | volume =
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| | edition = e-document
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| | date = October 1, 1998
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| | location = Chicago
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| | url = http://www.highbeam.com/doc/1G1-21276813.html}}</ref>
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| Fisher's 1942 book with the concept behind the [[USA Tax|Unlimited Savings Accumulation Tax]], a reform introduced in the United States Senate in 1995 by Senator Pete Domenici (R-New Mexico), former Senator Sam Nunn (D-Georgia), and Senator Bob Kerrey (D-Nebraska). The concept was that unnecessary spending (which is hard to define in a law) can be taxed by taxing income minus all net investments and savings, and minus an allowance for essential purchases, thus making funds available for investment.
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| == Personal ideals ==
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| The lay public perhaps knew Fisher best as a health campaigner and eugenicist. In 1898 he found that he had [[tuberculosis]], the disease that killed his father. After three years in sanatoria, Fisher returned to work with even greater energy and with a second vocation as a health campaigner. He advocated [[vegetarianism]], avoiding red meat and exercise, writing ''How to Live: Rules for Healthful Living Based on Modern Science'', a USA best seller.
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| In 1912 he also became a member of the scientific advisory to the [[Eugenics Record Office]] and was the first president of the [[American Eugenics Society]].<ref>{{Cite book | publisher = Greenwood Publishing Group | isbn = 9780275979324 | last = Engs | first = Ruth C. | title = The Progressive Era's Health Reform Movement: A Historical Dictionary | page = 121 | date = 2003 }}</ref><ref>{{Cite web | title = Yale Alumni Magazine: God & White Men at Yale (May/June 2012) | accessdate = 2012-06-12 | url = http://www.yalealumnimagazine.com/issues/2012_05/feature_eugenics.html }}</ref>
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| Fisher was also a strong believer in the now-discredited "focal [[sepsis]]" theory of physician [[Henry Cotton (doctor)|Henry Cotton]], who believed that [[mental illness]] was attributable to infectious material residing in the roots of the teeth, recesses in the bowels, and other places in the human body, and that surgical removal of this infectious material would cure the patient's mental disorder. Fisher believed in these theories so thoroughly that when his daughter Margaret Fisher was diagnosed with [[schizophrenia]], Fisher had numerous sections of his daughter's [[bowel]] and [[Colon (anatomy)|colon]] removed at Dr. Cotton's hospital, eventually resulting in her death.<ref>''[[Madhouse: A Tragic Tale of Megalomania and Modern Medicine]]'', Andrew Scull, Yale University Press, 2005</ref>
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| Fisher was also an ardent supporter of the [[Prohibition]] of [[alcohol]] in the United States, and wrote three short books arguing that Prohibition was justified on the grounds of both public health and hygiene, as well as economic productivity and efficiency, and should therefore be strictly enforced by the United States government.<ref>Irving Fisher: Prohibition at Its Worst (New York: Macmillan, 1926); Prohibition Still at Its Worst (New York: Alcohol Information Committee, 1928); The Noble Experiment (New York: Alcohol Information Committee, 1930).</ref>
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| ==Selected publications==
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| Fisher, Irving Norton, 1961. ''A Bibliography of the Writings of Irving Fisher'' (1961). Compiled by Fisher's son; contains 2425 entries.
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| * Primary
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| ** 1892. ''Mathematical Investigations in the Theory of Value and Prices''. Scroll to chapter [http://books.google.com/books?id=zMNGyKoJxv8C&printsec=frontcover&cad=0#v=onepage&q&f=false links.]
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| ** 1896. ''Appreciation and Interest''. [http://books.google.com/books?id=hJHPAAAAMAAJ&printsec=frontcover&dq=%22Appreciation+and+interest%22+fisher Link.]
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| ** 1906. ''The Nature of Capital and Income''. Scroll to chapter [http://books.google.com/books?id=1PVKAAAAYAAJ&pg=PR4#v=onepage&q&f=false links.]
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| ** 1907. ''The Rate of Interest''. [http://www.unc.edu/~salemi/Econ006/Irving_Fisher_Chaper_1.pdf Extracts] from Preface and Appendix to ch. VII.
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| ** 1910, 1914. ''Introduction to Economic Science''. Section [http://books.google.com/books?id=NegsAAAAYAAJ&printsec=frontcover&dq=%22Introduction+to+Economic+Science%22+fisher#v=onepage&q&f=false links.]
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| ** 1911a, 1922, 2nd ed. ''The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises''. Scroll to chapter [http://www.econlib.org/library/YPDBooks/Fisher/fshPPM.html links] from [[Library of Economics and Liberty]] (LE&L).
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| ** 1911b, 1913. ''Elementary Principles of Economics''. Scroll to chapter [http://books.google.com/books?id=5V9MAAAAIAAJ&printsec=frontcover&dq=%22Elementary+Principles+of+Economics%22+fisher#v=onepage&q&f=false links.]
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| ** 1915. ''How to Live: Rules for Healthful Living Based on Modern Science'' (with Eugene Lyon Fisk). [http://books.google.com/books?id=ZH0XAAAAYAAJ&printsec=frontcover&dq=false Link.]
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| ** 1918, "Is 'Utility' the Most Suitable Term for the Concept It is Used to Denote?" ''American Economic Review'', pp. 335–37]. [http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/fisher/utility.htm Reprint.]
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| ** 1921a. "Dollar Stabilization," ''Encyclopædia Britannica'' 12th ed.. XXX, pp. 852–853. Reprint page [http://www.econlib.org/library/Essays/fshEnc1.html links] from LE&L.
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| ** 1921b, ''The Best Form of Index Number,'' ''American Statistical Association Quarterly''. 17(133), pp. [http://www.jstor.org/pss/2965310 pp. 533–537].
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| ** 1922. ''The Making of Index Numbers: A Study of Their Varieties, Tests, and Reliability''. Scroll to chapter [http://books.google.com/books?id=FO9AAAAAYAAJ&printsec=frontcover&cad=0#v=onepage&q&f=false links,]
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| ** 1923, "The Business Cycle Largely a 'Dance of the Dollar'," ''Journal of the American Statistical Association'', 18, pp. 1024–28. [http://www.jstor.org/stable/2965663 Link.]
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| ** 1926, "A Statistical Relation between Unemployment and Price Changes," ''International Labour Review'', 13(6), p [http://heinonline.org/HOL/LandingPage?collection=journals&handle=hein.journals/intlr13&div=43&id=&page= pp. 785–92]. Reprinted as 1973, "I Discovered the Phillips Curve: A Statistical Relation between Unemployment and Price Changes'," ''Journal of Political Economy'', 81(2, Part 1), p [http://www.jstor.org/pss/1830534 pp. 496–502].
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| ** 1927, "A Statistical Method for Measuring 'Marginal Utility' and Testing the Justice of a Progressive Income Tax" in ''Economic Essays Contributed in Honor of John Bates Clark ''.
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| ** 1928, The Money Illusion, New York: Adelphi Company. Scroll to chapter-preview [http://books.google.com/books?id=LiyX9Xdk8YAC&printsec=frontcover&dq=%22The+Money+Illusion%22+fisher#v=onepage&q&f=false links.]
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| ** 1930a. ''The Stock Market Crash and After''.
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| ** 1930b. ''The Theory of Interest''. [http://www.unc.edu/~salemi/Econ006/Irving_Fisher_Chaper_1.pdf Chapter I.] Chapter [http://www.econlib.org/library/YPDBooks/Fisher/fshToI.html links], each numbered by paragraph via LE&L.
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| ** 1932. ''Booms and Depressions: Some First Principles''. [http://fraser.stlouisfed.org/publications/bodep/ Description] and [http://fraser.stlouisfed.org/publication-series/?id=104 links] (press '''+''') via [[Federal Reserve Bank of St Louis]].
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| ** 1933a. "The Debt-Deflation Theory of Great Depressions," ''Econometrica'', 1(4), pp. [http://fraser.stlouisfed.org/meltzer/record.php?id=4252 337–357] (press '''+''') from FRBSL.
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| ** 1933b. ''Stamp Scrip''. [http://userpage.fu-berlin.de/roehrigw/fisher/ full text online]
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| ** 1935. ''100% Money''. [http://fisher-100money.blogspot.fr/ full text online]
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| ** 1942. "Constructive Income Taxation: A Proposal for Reform." New York: Harper & Brothers.
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| ** 1996. ''The Works of Irving Fisher.'' edited by William J. Barber et al. 14 volumes London : Pickering & Chatto.
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| * Fisher, Irving. (1892). ''Mathematical Investigations''
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| == See also ==
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| * ''[[A Program for Monetary Reform]]'' (1939)
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| * [[Marginalism]]
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| * [[Eugenics in the United States]]
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| * [[Library of Economics and Liberty]]
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| * [[Ham and Eggs Movement]], California pension reform plan, 1938–40
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| ==References==
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| {{reflist|colwidth=35em}}
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| ==Further reading==
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| * Allen, Robert Loring. ''Irving Fisher: A Biography'' (1993)
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| * Dimand, Robert W. (2003). "Irving Fisher on the International Transmission of Booms and Depressions through Monetary Standards." ''Journal of Money, Credit & Banking''. Vol: 35#1 pp 49+. [http://www.questia.com/PM.qst?a=o&d=5000634264 online edition]
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| * Dimand, Robert W. (1993)."The Dance of the Dollar: Irving Fisher's Monetary Theory of Economic Fluctuations," ''History of Economics Review'' 20:161–172.
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| * Dimand, Robert W. (1994)."Irving Fisher's Debt-Deflation Theory of Great Depressions," ''Review of Social Economy'' 52:92–107
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| * Dimand, Robert W. (1998). "The Fall and Rise of Irving Fisher's Macroeconomics," ''Journal of the History of Economic Thought'' 20:191–201.
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| * Dimand, Robert W., and Geanakoplos, John. 2005. "Celebrating Irving Fisher: The Legacy of a Great Economist" ''American Journal of Economics & Sociology,'' Jan 2005, Vol. 64 Issue 1, pp. 3–18
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| * Dorfman, Joseph. (1958) ''The Economic Mind in American Civilization'' vol 3.
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| * Fellner, William, ed. (1967). ''Ten Economic Studies in the Tradition of Irving Fisher''
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| * Fisher, Irving Norton, 1956. ''My Father Irving Fisher''.
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| * Sasuly, Max, 1947, "Irving Fisher and Social Science," ''Econometrica 15'': 255–78.
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| * [[Joseph Schumpeter]], 1951. ''Ten Great Economists'': 222–38.
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| * [[Joseph Schumpeter]]. 1954 ''A History of Economic Analysis'' (1954)
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| * Thaler, Richard, 1999, "[http://gsbwww.uchicago.edu/fac/richard.thaler/research/Irving%20Fisher.pdf Irving Fisher: Behavioral Economist,]" ''American Economic Review''.
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| * [[James Tobin|Tobin, James]], 1987, "Fisher, Irving," ''[[The New Palgrave: A Dictionary of Economics]]'', Vol. 2: 369–76. Reprinted in ''American Journal of Economics and Sociology'', Jan, 2005, 17 [http://findarticles.com/p/articles/mi_m0254/is_1_64/ai_n13798783/?tag=content;col1 pages.]
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| * [[James Tobin|Tobin, James]], 1985 "Neoclassical Theory in America: J. B. Clark and Fisher" ''American Economic Review'' (Dec 1985) vol 75#6 pp. 28–38 [http://www.jstor.org/pss/1914327 in JSTOR]
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| ==External links==
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| {{Wikisource author}}
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| {{Commons category}}
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| * [http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/index.html Archive for the History of Economic Thought] at [[McMaster University]]:
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| * [[New School for Social Research]] website:
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| ** [http://cepa.newschool.edu/het/profiles/fisher.htm Irving Fisher, 1867–1947.] Includes a photograph of the young Fisher. For a photograph of the older man, see [http://www.york.ac.uk/depts/maths/histstat/people/fisher_i.gif Irving Fisher] on the [http://www.york.ac.uk/depts/maths/histstat/people/welcome.htm Portraits of Statisticians] page.
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| ** [https://web.archive.org/web/20080429203224/http://cepa.newschool.edu/het/essays/capital/fisherinvest.htm Irving Fisher's Theory of Investment.]
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| * [http://www.library.yale.edu/un/papers/fisher.htm Yale Manuscripts and Archives – Collections – Irving Fisher]
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| * [http://cowles.econ.yale.edu/P/cd/d12b/d1272.pdf Herbert Scarf, William C.Brainard, "How to Compute Equilibrium Prices in 1891". Cowles Foundation Discussion Paper 1272, August 2000] – for the description of Fisher's hydraulic apparatus.
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| * {{Cite book |title=Irving Fisher (1867–1947) |url=http://www.econlib.org/library/Enc/bios/Fisher.html |work=[[The Concise Encyclopedia of Economics]] |edition=2nd |series=[[Library of Economics and Liberty]] |publisher=[[Liberty Fund]] |year=2008 }}
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| {{macroeconomics-footer}}
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| {{Neoclassical economists}}
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| {{Authority control|VIAF=27126999}}
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| {{Persondata <!-- Metadata: see [[Wikipedia:Persondata]] -->
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| | NAME =Fisher, Irving
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| | ALTERNATIVE NAMES =
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| | SHORT DESCRIPTION = United States economist
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| | DATE OF BIRTH =February 27, 1867
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| | PLACE OF BIRTH = [[Saugerties (village), New York|Saugerties, New York]]
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| | DATE OF DEATH =April 29, 1947
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| | PLACE OF DEATH = [[New York City, New York]]
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| }}
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| {{DEFAULTSORT:Fisher, Irving}}
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| [[Category:1867 births]]
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| [[Category:People from Ulster County, New York]]
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| [[Category:American economists]]
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| [[Category:Neoclassical economists]]
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| [[Category:Post-Keynesian economists]]
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| [[Category:American eugenicists]]
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| [[Category:Presidents of the American Statistical Association]]
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| [[Category:American statisticians]]
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| [[Category:Yale University alumni]]
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