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2011 | OriginalPaper | Buchkapitel
The Times
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Irving Fisher was a pioneer in economics. While mathematics is now a requisite skill in any advanced study of finance or economics, the use of mathematics in economics was still unusual in the late 1800s. Obviously, without mathematical techniques, now called the quantitative school, there could be no finance theory. The qualitative and descriptive approach to social sciences that prevailed at the time could not possibly answer the questions of when and how much, which are so important in finance theory and financial planning today. Fisher must be credited for firmly placing economics and finance on a seemingly irreversible and much more rigorous path.