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2019 | OriginalPaper | Buchkapitel

10. Fisher’s Legacy in Economics

verfasst von : Robert W. Dimand

Erschienen in: Irving Fisher

Verlag: Springer International Publishing

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Abstract

Fisher’s Legacy in Economics: This chapter examines Fisher’s scientific legacy in economics. Fisher’s reputation suffered for decades from his stock market debacle and from the impact of Keynesian macroeconomics, but his importance as the outstanding American economic scientist of the first half of the twentieth century came to be recognized through the advocacy of, among others, Maurice Allais, Milton Friedman, Hyman Minsky, Paul Samuelson, and James Tobin (but not, e.g., Friedman’s coauthor Anna Jacobson Schwartz).

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Vorheriges Kapitel Changing Economics: Irving Fisher, the Cowles Commission, and the Econometric Society

Three other Yale economists were AEA presidents in Fisher’s lifetime: Arthur Twining Hadley, Henry W. Farnam, and Thomas S. Adams. Another, Ray B. Westerfield, was AEA secretary-treasurer. The extent to which their contributions have been forgotten may be excessive or unfair (as Melvin Cross has argued persuasively in the case of Hadley on the economics of transportation) but it is undeniable.

In his AEA presidential address in December 1918, Fisher (1997, Vol. 13, p. 7) stated that “We now know that German professors in general, from theologian to chemist, have prostituted their professional services to serve Germany’s criminal purposes,” especially those economists who in “an economics professors’ war… helped lay the foundations for the war … a predatory economics, the economics of a beast of prey, the economics of loot by war.” He also denounced “the red flag of class warfare” and academic economists who were apologists for “trade unionism, socialism, and even Bolshevism, syndicalism or I.W.W.ism” yet Allen (1993, p. 158) held that in that address “he measured his words with care, his rhetoric was mild … He did not make rabble-rousing statements” (see Dimand 2013).

It is notable that Fisher approached FDR, but not Governor Wilbur Cross, who would have been his running mate on the Democratic ticket. Cross, the long-time dean of Yale’s Graduate School and provost of the university before his four terms as governor, was perhaps too well acquainted with Fisher. Fisher had voted for Herbert Hoover and the Republican ticket in both 1928 and 1932.

Gayer (1937), the Festschrift in honor of Fisher’s 70th birthday, had deliberately not included papers about Fisher.

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Bordo, Michael D., and Hugh Rockoff. 2013. The Influence of Irving Fisher on Milton Friedman’s Monetary Economics. Journal of the History of Economic Thought 35: 153–177.CrossRef

Boumans, Marcel. 2001. Fisher’s Instrumental Approach to Index Numbers. In The Age of Economic Measurement, ed. Judy L. Klein and Mary S. Morgan, 313–344. Annual Supplement to History of Political Economy 33.

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Dimand, Robert W. 2000. Irving Fisher and the Quantity Theory of Money: The Last Phase. Journal of the History of Economic Thought 22: 329–348.CrossRef

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Fellner, William, et al. 1967. Ten Economic Studies in the Tradition of Irving Fisher. New York: John Wiley.

Fisher, Irving. 1935. Are Booms and Depressions Transmitted Internationally Through Monetary Standards? Bulletin of the International Statistical Institute 28 (3): 1–29; reprinted in Robert W. Dimand. Irving Fisher on the International Transmission of Monetary Standards Through Booms and Depressions. Journal of Money, Credit and Banking 35 (2003): 49–90.

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Gayer, Arthur D. (ed.). 1937. The Lessons of Monetary Experience: Essays in Honor of Irving Fisher. New York: Farrar & Rinehart, Inc.

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Titel: Fisher’s Legacy in Economics
verfasst von: Robert W. Dimand
Verlag: Springer International Publishing
Buch: Irving Fisher
Print ISBN: 978-3-030-05176-1

Electronic ISBN: 978-3-030-05177-8

Copyright-Jahr: 2019
DOI: https://doi.org/10.1007/978-3-030-05177-8_10