Irving Fisher
Irving Fisher
Irving Fisherwas an American economist, statistician, inventor, and Progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the Post-Keynesian school. Joseph Schumpeter described him as "the greatest economist the United States has ever produced", an assessment later repeated by James Tobin and Milton Friedman...
NationalityAmerican
ProfessionEconomist
Date of Birth27 February 1867
CountryUnited States of America
Irving Fisher quotes about
Stock prices have reached what looks like a permanently high plateau.
Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess
If two parties, instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by a loan transaction, for the simple reason that the lender could not lend what he didn't have, as banks can do. Only commercial banks and trust companies can lend money that they manufacture by lending it.
The rate of interest acts as a link between income-value and capital-value.
The nation is marching along a permanently high plateau of prosperity
FISHER SEES STOCKS PERMANENTLY HIGH