Irving fisher biography tagalog
Irving Fisher
American economist (1867–1947)
Irving Fisher (February 27, 1867 – April 29, 1947) 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.Joseph Schumpeter described him as "the greatest economist the United States has ever produced", an assessment later repeated by James Tobin and Milton Friedman.
Fisher made important contributions to utility theory and general equilibrium. He was also a pioneer in the rigorous study of intertemporal choice in markets, which led him to develop a theory of capital and interest rates. His research on the quantity theory of money inaugurated the school of macroeconomic thought known as "monetarism". Fisher was also a pioneer of econometrics, including the development of index numbers. Some concepts named after him include the Fisher equation, the Fisher hypothesis, the international Fisher effect, the Fisher separation theorem and Fisher market.
Fisher was perhaps the first celebrity economist, but his reputation during his lifetime was irreparably harmed by his public statement, just nine days before the Wall Street Crash of 1929, that the stock market had reached "a permanently high plateau". His subsequent theory of debt deflation as an explanation of the Great Depression, as well as his advocacy of full-reserve banking and alternative currencies, were largely ignored in favor of the work of John Maynard Keynes. Fisher's reputation has since recovered in academic economics, particularly after his theoretical models were rediscovered in the late 1960s to the 1970s, a period of increasing reliance on mathematical models within the field. Interest in him h
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1. The life of an economist : an autobiography
Charles P. Kindleberger
| Published: | Cambridge, Mass. : B. Blackwell, 1991 |
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2. The life and political economy of Lauchlin Currie : New Dealer, presidential adviser, and development economist
Roger J. Sandilands
| Published: | Durham, NC : Duke University Press, 1990 |
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3. Opening doors : the life and work of Joseph Schumpeter (: set ; v. 1 ; v. 2)
Robert Loring Allen ; foreword by Walt W. Rostow
| Published: | New Brunswick : Transaction Publishers, c1991 |
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4. Models of my life (:cloth ; :paper)
Herbert A. Simon
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5. Joseph Alois Schumpeter : the public life of a private man
Wolfgang F. Stolper
| Published: | Princeton, N.J. : Princeton University Press, c1994 |
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6. Joseph Schumpeter : scholar, teacher, and politician
Eduard März
| Published: | New Haven : Yale University Press, 1991 |
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7. Joseph A. Schumpeter : his life and work
Richard Swedberg
| Published: | Cambridge : Polity Press, 1991 |
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8. Better than plowing, and other personal essays
James M. Buchanan
| Published: | Chicago : University of Chicago Press, 1992 |
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9. Irving Fisher : a biography
Robert Loring Allen
| Published: | Cambridge, Mass. : Blackw Fisher equationEstimate of future interest rates This article is about an equation from financial mathematics. For the unrelated partial differential equation, see Fisher's equation. 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 more formal terms, where equals the real interest rate, equals the nominal interest rate, and equals the inflation rate, then . The approximation of is often used instead since the nominal interest rate, real interest rate, and inflation rate are usually close to zero. ApplicationsBorrowing, lending and the time value of moneyWhen loans are made, the amount borrowed and the repayments due to the lender are normally stated in nominal terms, before inflation. However, when inflation occurs, a dollar repaid in the future is worth less than a dollar borrowed today. To calculate the true economics of the loan, it is necessary to adjust the nominal cash flows to account for future inflation. Inflation-indexed bondsThe Fisher equation can be used in the analysis of bonds. The real return on a bond is roughly equivalent to the nominal interest rate minus the expected inflation rate. But if actual inflation exceeds expected inflation during the life of the bond, the bondholder's real return will suffer. This risk is one of the reasons inflation-indexed bonds such as U.S. Treasury Inflation-Protected Securities were created to eliminate inflation uncertainty. Holders of indexed bonds are assured that the real cash flow of the bond (principal plus interest) will not be affected by inflation. Cost–benefit analysisAs detailed by Steve Hanke, Philip Carver, and Paul Bugg (1975),cost bene Fisher Effect Definition and Relationship to InflationWhat Is the Fisher Effect?The Fisher effect is an economic theory created by economist Irving Fisher that describes the relationship between inflation and both real and nominal interest rates. The Fisher effect states that the real interest rate equals the nominal interest rate minus the expected inflation rate. Therefore, real interest rates fall as inflation increases, unless nominal rates increase at the same rate as inflation. Key Takeaways
Understanding the Fisher EffectFisher's equation reflects that the real interest rate can be taken by subtracting the expected inflation rate from the nominal interest rate. In this equation, all the provided rates are compounded. The Fisher effect can be seen each time you go to the bank; the interest rate an investor has on a savings account is really the nominal interest rate. For example, if the nominal interest rate on a savings account is 4% and the expected rate of inflation is 3%, then the money in the savings account is really growing at 1%. The smaller the real interest rate, the longer it will take for savings deposits to grow substantially when observed from a purchasing power perspective. Countries will closely monitor the Consumer Price Index (CPI) when determining inflationary measures. Nominal |