Irving Fisher,Neoclassical Economics of American Leaders

Irving Fisher

Irving Fisher Biography
Irving Fisher (February 27, 1867 - 29 April 1947) is an economist as well as the U.S. national health activists. He is one of America's neo-classical economists are first.

Fisher American neoclassical economic figures. He as one of the first economist to introduce a revolutionary approach in mathematical economics. The thinking among others Walrasian Equillibrium (Walrasian equilibrium) and the concept of the Phillips curve. Fisher also found rolodex system which is used in banking and he also discovered the theory of price (Price Theory).

He also was the first celebrity economy. His reputation today is probably higher than his time. Some terms used his name, such as the Fisher equation, Fisher hypothesis and Fisher separation theorem.
Its main field of study is mathematics. He died on 29 April 1947 in New York City.

Career

Fisher best subject is mathematics, but economics better matched his social concerns. He went on to write a doctoral thesis combining both subjects, in mathematical economics. Irving granted the first Yale Ph.D. in economics, in 1891. Advisers are physicist Willard Gibbs and the economist William Graham Sumner. Fisher was not initially aware of the work of Léon Walras and His disciples the European continent in the field of mathematical economics. However, the thesis makes a contribution to the theory of general equilibrium European masters such as Francis Edgeworth recognized as first rate. To illustrate and complement the arguments in his thesis, Fisher built a hydraulic pump and lever machines. While books and articles on economic topics indicate the level of mathematical sophistication unusual for that time, Fisher was always hoping to bring the analysis to live and to present his theories as clearly as possible. After graduating from Yale, Fisher studied at Berlin and Paris. From 1890 onwards he remained at Yale, first as a tutor, then after 1898 as a professor of political economy, and after 1935 as professor emeritus.


Fisher edited the Yale Review 1896-1910 and was active in many learned societies, institutions and welfare organizations. He was president of the American Economic Association in 1918. An early supporter of the leading econometrics, in 1930 he founded, with Ragnar Frisch and Charles F. Roos Econometric Society, that he was the first president.
Among her special interests are the modesty, eugenics, public health, and world peace. He won the New York Medical Society prize for the discovery of a tent for the treatment of tuberculosis victims. He strongly supports the ban in 1920.


Theory

James Tobin argued that the intellectual breakthrough that mark a revolution in neoclassical economic analysis took place in Europe around the year 1870. Next two decades witnessed a lively debate in which the new theory is more or less absorbed or absorbed in the classical tradition that preceded it. In the 1890s, according to Joseph A. Schumpeter there appears
A large expanse of common and ... a feeling of rest, which both made, superficial observer, the impression of finality - the finality of a Greek temple that spreads the perfect line of a cloudless sky. Of course, Tobin argues, the temple was by no means complete. Building and decoration continue to this day, even when the faithful to worship in a crowd. American economists are not present at the creation. To some extent they build their own buildings independently, designing a new architecture in the process. They participate actively in the international controversy and synthesis of the period 1870-1914. At least two prominent American builder of the "temple," John Bates Clark and Irving Fisher. They and others brought neoclassical theory into American journals, classrooms, and textbooks, and analytical tools to the kit of researchers and practitioners. Finally, for better or worse, they will dominate paradigm of economics in this country.


Fisher research into basic theory did not touch the social issues of the day. Economic and monetary doing this to be the main focus of Fisher's work. Fisher appreciation and interest was an analysis of abstract behavior of interest rates when the price level changes. This emphasizes the difference between real rates and monetary fundamental importance for the modern analysis of inflation. But Fisher believes that investors and savers-people in general who suffer in varying degrees by "money illusion", they could not see past the money to stuff money can buy. In an ideal world, the price level changes will not affect production or employment. In the real world with the illusion of money, inflation (and deflation) did serious harm.