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2011 | OriginalPaper | Buchkapitel
The Early Years
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In 1918 Irving Fisher was on his way to making his first million dollars and was contemplating the suitability of the term “utility,” coined by Professor William Stanley Jevons.101 Students of economics and finance still ponder this term today. Keynes was working on his first major and popular book, The Economic Consequences of the Peace. Fisher was 51 years old and Keynes had just turned 35. Meanwhile, in Rome, Italy, on June 18, 1918, Franco Modigliani was born.