Irving Fisher
Monsey, New York,United States
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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. Fisher made significant contributions to utility theory, general equilibrium, the quantity theory of money, and the theory of interest rates. His work on index numbers was also highly influential. He taught at Yale University for most of his career and was a prolific writer and advocate for various social causes, including public health and Prohibition.
Professional Summary
Irving Fisher's work history includes a series of influential roles in various companies. Here is a detailed list of his professional journey:
Notable Achievements
Quantity Theory of Money (Equation of Exchange)
Popularized and elaborated on the equation of exchange (MV=PT), linking the money supply (M), velocity of money (V), price level (P), and volume of transactions (T). This formed a cornerstone of monetarist thought.
Debt-Deflation Theory
Developed the theory of debt deflation as an explanation for economic crises like the Great Depression, arguing that a falling price level increases the real burden of debt, leading to defaults and further economic contraction.
Fisher Equation
Formulated the Fisher equation, which describes the relationship between nominal interest rates, real interest rates, and inflation (i ≈ r + π).
Contributions to Index Numbers
Made significant theoretical and practical contributions to the construction and understanding of index numbers, crucial for measuring price changes and inflation. The 'Fisher Ideal Index' is named after him.
Theory of Interest (The Rate of Interest / The Theory of Interest)
Authored seminal works on the theory of interest, distinguishing between real and nominal rates and analyzing the determinants of interest rates based on impatience to spend income and the opportunity to invest it.
Co-founder of the Econometric Society
Played a key role in establishing the Econometric Society in 1930, an international society for the advancement of economic theory in its relation to statistics and mathematics.
Educational Background
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Company Overview
B&H Photo VideoB&H Photo Video is a prominent American retailer specializing in photography, video, audio, and electronics equipment. Established in 1973, it operates a large superstore in Manhattan, New York City, and a significant e-commerce business serving customers globally. Known for its extensive inventory, competitive pricing, and knowledgeable staff, B&H caters to both professional and amateur markets, offering a wide range of products from leading brands alongside used equipment, rentals, and educational resources. They are respected for their customer service and commitment to the creative community.
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