Irving Fisher

Date of Birth: February 27, 1867

Zodiac Sign: Pisces

Date of Death: April 29, 1947

Biography

Irving Fisher was an American economist, statistician, inventor, and progressive social campaigner born on February 27, 1867, in Saugerties, New York. He is considered one of the earliest American neoclassical economists, and his contributions to economic theory and mathematical economics have been highly influential. Fisher earned his Ph.D. in economics from Yale University in 1891, which is often regarded as the first American Ph.D. in economics. He served as a professor of political economy at Yale University until his retirement. Fisher made significant contributions to the theory of interest and capital. His famous work “The Theory of Interest” and “The Purchasing Power of Money” laid the foundation for much of modern financial theory. He is also known for his equation of exchange, which suggests that the money supply times the velocity of money equals the price level times the number of transactions. This equation played a crucial role in the development of the Quantity Theory of Money. Aside from his academic achievements, Fisher was an inventor and a health advocate. He invented the “Index Visible,” an early version of the Rolodex, and was a proponent of healthy living, advocating for diet and hygiene reforms. Fisher’s life was marked by his efforts to apply his economic theories to public policy, particularly during the Great Depression, when he famously miscalculated the stock market’s stability, leading to significant personal financial losses. Despite this, his work remains foundational in the field of economics.

5 Interesting Facts about Irving Fisher

1. Irving Fisher was awarded the first American Ph.D. in economics from Yale University in 1891.

2. He is best known for his Fisher Equation, which relates nominal interest rates, real interest rates, and inflation.

3. Fisher was an advocate of the prohibition of alcohol and a supporter of the eugenics movement.

4. He lost much of his personal wealth during the Stock Market Crash of 1929 due to his incorrect predictions about the market.

5. Fisher invented an early version of the Rolodex, called the “Index Visible.”

5 Most Interesting Quotes from Irving Fisher

1. “The rate of interest acts as a link between income-value and capital-value.”

2. “Stock prices have reached what looks like a permanently high plateau.”

3. “The purchasing power of money varies inversely with the price level.”

4. “Risk is a part of God’s game, alike for men and nations.”

5. “Debt-deflation is the great enemy of economic stability.”

Highest Net Worth Achieved

Irving Fisher’s highest net worth was estimated to be around $10 million before the Stock Market Crash of 1929, equivalent to roughly $150 million today when adjusted for inflation. However, he lost most of his fortune during the Great Depression.