The Theory of Interest 2024 pdf epub mobi 電子書 下載


The Theory of Interest

簡體網頁||繁體網頁

The Theory of Interest pdf epub mobi 著者簡介

Irving Fisher (1867-1947)

Irving Fisher was one of America's greatest mathematical economists and one of the clearest economics writers of all time. He had the intellect to use mathematics in virtually all his theories and the good sense to introduce it only after he had clearly explained the central principles in words. And he explained very well. Fisher's Theory of Interest is written so clearly that graduate economics students, who still study it today, often find that they can read—and understand—half the book in one sitting. With other writings in technical economics, this is unheard of.

Although he damaged his reputation by insisting throughout the Great Depression that recovery was imminent, contemporary economic models of interest and capital are based on Fisherian principles. Similarly, monetarism is founded on Fisher's principles of money and prices.

Fisher called interest "an index of a community's preference for a dollar of present [income] over a dollar of future income." He labeled his theory of interest the "impatience and opportunity" theory. Interest rates, Fisher postulated, result from the interaction of two forces: the "time preference" people have for capital now, and the investment opportunity principle (that income invested now will yield greater income in the future). This reasoning sounds very much like B鰄m-Bawerk's. Indeed, Fisher's Theory of Interest was dedicated to "the memory of John Rae and of Eugen von B鰄m-Bawerk, who laid the foundations upon which I have endeavored to build." But Fisher objected to B鰄m-Bawerk's idea that roundaboutness necessarily increases production. Instead, argued Fisher, at a positive interest rate, no one would ever choose a longer period unless it were more productive. So if we look at processes selected, we do find that longer periods are more productive. But, he argued, the length of the period does not in itself contribute to productivity.

Fisher defined capital as any asset that produces a flow of income over time. A flow of income, said Fisher, was distinct from the stock of capital that generated it. Capital and income are linked by the interest rate. Specifically, wrote Fisher, the value of capital is the present value of the flow of (net) income that the asset generates. This still is how economists think about capital and income today.

Fisher also opposed conventional income taxation and favored a tax on consumption to replace it. His position followed directly from his capital theory. When people save out of current income and then use the savings to invest in capital goods that yield income later, noted Fisher, they are being taxed on the income that they used to buy the capital goods and then are being taxed later on the income that the capital generates. This, he said, is double taxation of saving, and biases the tax code against saving and in favor of consumption. Fisher's reasoning is still used by economists today in making the case for consumption taxes.

Fisher was a pioneer in the construction and use of price indexes. James Tobin of Yale has called Fisher "the greatest expert of all time on index numbers." Indeed, from 1923 to 1936, his own Index Number Institute computed price indexes from all over the world.

Fisher was also the first economist to distinguish clearly between real and nominal interest rates. He pointed out that the real interest rate is equal to the nominal interest rate (the one we observe) minus the expected inflation rate. If the nominal interest rate is 12 percent, for example, but people expect inflation of 7 percent, then the real interest rate is only 5 percent. Again, this is still the basic understanding of modern economists.

Fisher laid out a more modern quantity theory of money (i.e., monetarism) than had been done before. He formulated his theory in terms of the Equation of Exchange, which says that MV = PT, where M equals the stock of money; V equals velocity, or how quickly money circulates in an economy; P equals the price level; and T equals the total volume of transactions. Again, modern economists still draw on this equation, although they usually use the version MV = Py, where y stands for real income.

The equation can be a very powerful tool for checking the consistency of one's thinking about the economy. Indeed, Reagan economist Beryl Sprinkel, who was Treasury undersecretary for monetary affairs in 1981, used this equation to criticize his colleague David Stockman's economic forecasts. Sprinkel pointed out that the only way Stockman's assumptions about the growth of income, the inflation rate, and the growth of the money supply could prove true would be if velocity increased faster than it ever had before. As it turned out, velocity actually declined.

Irving Fisher was born in upstate New York in 1867. He gained an eclectic education at Yale, studying science and philosophy. He published poetry and works on astronomy, mechanics, and geometry. But his greatest concentration was on mathematics and economics, the latter having no academic department at Yale. Nonetheless, Fisher earned the first Ph.D. in economics ever awarded by Yale. Upon graduation he stayed at Yale for the rest of his career.

A three-year struggle with tuberculosis beginning in 1898 left Fisher with a profound interest in health and hygiene. He took up vegetarianism and exercise and wrote a national best-seller titled How to Live: Rules for Healthful Living Based on Modern Science, whose value he demonstrated by living until age eighty. He campaigned for Prohibition, peace, and eugenics. He was founder or president of numerous associations and agencies, including the Econometric Society and the American Economic Association. He was also a successful inventor. In 1925 his firm, which held the patent on his "visible card index" system, merged with its main competitor to form what later was known as Remington Rand and then Sperry Rand. Although the merger made him very wealthy, he lost a large part of his wealth in the stock market crash of 1929.

Selected Works

The Nature of Capital and Income. 1906.

The Purchasing Power of Money. 1911.

The Purchasing Power of Money, new and revised edition, 1922.

The Rate of Interest. 1907.

The Theory of Interest. 1930.

"Dollar Stabilization." Encyclopedia Britannica. vol. XXX, pp. 852-853. 1921.


The Theory of Interest pdf epub mobi 圖書描述


The Theory of Interest pdf epub mobi 圖書目錄




點擊這裡下載
    


想要找書就要到 本本書屋
立刻按 ctrl+D收藏本頁
你會得到大驚喜!!

發表於2024-11-04

The Theory of Interest 2024 pdf epub mobi 電子書 下載

The Theory of Interest 2024 pdf epub mobi 電子書 下載

The Theory of Interest 2024 pdf epub mobi 電子書 下載



喜欢 The Theory of Interest 電子書 的读者还喜欢


The Theory of Interest pdf epub mobi 讀後感

評分

評分

看到張五常的推薦,買瞭費雪的《利息理論》來看,對於已經具備經濟學基礎的我來說,這本書並沒有什麼難度,看這本書更大的意義在於學習費雪嚴謹的理論研究方法,或許張五常也是這個意思吧。本書讓人震撼的地方在於如同教科書般的嚴謹和邏輯,思維發散卻沒有天馬行空,理論的文...  

評分

關於LPR的選擇,之前寫瞭篇短文,其中提到,如果看好中國經濟,LPR肯定嚮下,所以換成LPR肯定是有利的。當時以資本逐利來進行解釋:經濟嚮好,實體經濟活躍,投資迴報率高,資本追逐高迴報,利率自然嚮下。其實解釋得很牽強,完全沒有把內在邏輯說清楚。 在經濟學的框架裏,利...  

評分

我之所以看這本書,是受瞭張五常的影響,他總是在他的著作裏說這本書好,好稱是他最欣賞的四本書之一,我比較好奇就看瞭,我還是比較庸俗,崇拜名人。 看瞭之後,我大受打擊,我明白瞭,像我這樣的人這輩子是做不瞭理論的,還是安心做我的本職工作吧。其實做工科的人都是接觸...  

評分

類似圖書 點擊查看全場最低價
出版者:Pickering & Chatto Ltd
作者:Irving Fisher
出品人:
頁數:612
譯者:
出版時間:1997
價格:0
裝幀:Hardcover
isbn號碼:9781851962341
叢書系列:

圖書標籤: 經濟學  張五常  貨幣/金融經濟學   


The Theory of Interest 2024 pdf epub mobi 電子書 下載
想要找書就要到 本本書屋
立刻按 ctrl+D收藏本頁
你會得到大驚喜!!

The Theory of Interest pdf epub mobi 用戶評價

評分

評分

評分

評分

評分

The Theory of Interest 2024 pdf epub mobi 電子書 下載


分享鏈接





相關圖書




本站所有內容均為互聯網搜索引擎提供的公開搜索信息,本站不存儲任何數據與內容,任何內容與數據均與本站無關,如有需要請聯繫相關搜索引擎包括但不限於百度google,bing,sogou

友情鏈接

© 2024 onlinetoolsland.com All Rights Reserved. 本本書屋 版權所有