Edited by Robert W. Dimand and Harald Hagemann
Chapter 18: Irving Fisher
The American economist Irving Fisher, the most cited monetary economist in the 1920s, developed a transactions velocity approach to the quantity theory of money, which Keynes compared to and contrasted with the Cambridge cash balances version. Keynes, especially at the time of his Tract on Monetary Reform, was influenced by Fisher’s proposal for price level stabilization, and later identified his marginal efficiency of capital with Fisher’s rate of return over costs, although in his lectures he criticized Fisher’s claim that expected inflation acted directly on the money rate of interest (rather than on the marginal efficiency of capital).
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