Irving Fisher (1867-1947) is the first doctor of economics in Yale University, but he obtained this degree in the Department of Mathematics of Yale University. His dissertation "Mathematical Research on Value and Price Theory" uses quantitative analysis to study utility theory, which has been praised by economists so far. This paper established his position as the first mathematical economist in the United States. Fisher dabbled in a wide range of fields. According to the biography written by his son, I.N. Fisher, he published more than 2,000 works and co-authored more than 400. It is no exaggeration to describe him as a book.
In economics, Fisher has made great contributions to general equilibrium theory, mathematical economics, price index compilation, macroeconomics and monetary theory.
Mr Zhang Wuchang often tells young people that Fisher's books must be read.
One of Fisher's representative works is the Index Compilation published by 1922. This book uses time reversal test and factor reversal test to compile the price index, which has great influence on the compilation of the price index in the future.
Today, people still often mention Fisher's contribution to monetary quantity theory and macroeconomics. In this regard, his representative works include Money Purchasing Power (19 1 1) and Interest Theory. When commenting on monetarism, J.B.Delong, a professor of economics at Berkeley University in California, called Fisher "the first monetarist". As we know, the center of Fisher's money quantity theory is that the total transaction amount (T) times the price (P) equals the money (M) times the money circulation speed (V) (T P = M V). When t and v are constant, the price level (p) depends on the amount of money (m). This is also the central idea of Friedman's modern money quantity theory. Fisher pointed out that the inflation rate plus the real interest rate equals the nominal interest rate, and emphasized the one-to-one impact of expected inflation on the nominal interest rate. This view is called the Fisher effect.
People will think that such an accomplished economist should have a prosperous life. In fact, Fisher's life is also quite rough. As far as life is concerned, Fisher's daughter Margaret died of a nervous breakdown in 19 19; And Margaret Hazard, the wife who lived with Fisher for 47 years, also died in 1940. Fisher himself was infected with tuberculosis, which was called an incurable disease at that time, at 1898. As far as his career is concerned, Fisher invented the displayable card index system, obtained a patent, and established a profitable displayable index company. Later, the company merged with its competitors to form SperryRand. This business made him rich, but before the great crisis in the 1930s, he borrowed money to buy shares of RAND Corporation with preemptive right. After the great crisis broke out, his stock became waste paper. He went bankrupt, so Yale University had to buy his house and rent it to him to avoid being driven out by creditors. His reputation has also been hit.
Despite so many setbacks in life, Fisher lived a healthy 80-year-old, which is due to his healthy attitude. He is convinced that human nature is good, and the maintenance of human nature is dependent on eugenics. He organized the eugenics research society and the American eugenics society, personally chaired it and wrote the National Vitality Report. Believing that human nature is good is the starting point of a person's mental health. Fisher deeply felt the importance of medical care after suffering from tuberculosis in 1898.
On 19 13, the Institute of Life Continuity was initiated and established, and it served as the chairman of the health care steering committee of the Institute. He and Fiske, a medical expert in the Institute, co-wrote a book "How to Live", telling the way of keeping in good health. This novel and practical book has become a health textbook for American universities and high schools. It has published 90 editions and sold as many as 400,000 copies in America. There are also translations in more than a dozen languages, such as Germany, France and Japan, which are much more influential than his economic classics. He opposes indulgence and advocates abstinence, vegetarianism, physical exercise, good hygiene habits and fresh air. I'm afraid that's why he recovered from tuberculosis three years later, and devoted himself energetically to his research work, and made many achievements.
Fisher is also a world pacifist who cares about mankind. He wrote "Alliance or War" in 1922, advocating that the United States abandon isolationism, join the international alliance, and strive for world peace.