The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 18: Irving Fisher

Robert W. Dimand


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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