The Theory of Interest pdf epub mobi txt 电子书 下载 2024


The Theory of Interest

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Irving Fisher
New York: The Macmillan Co.
1930
566
USD 17.95
Paperback
9780879918644

图书标签: 经济学  Finance  货币  金融  古典  Irving·Fisher  Economics  经济   


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发表于2024-12-23

The Theory of Interest epub 下载 mobi 下载 pdf 下载 txt 电子书 下载 2024

The Theory of Interest epub 下载 mobi 下载 pdf 下载 txt 电子书 下载 2024

The Theory of Interest pdf epub mobi txt 电子书 下载 2024



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Fisher was one of America’s greatest mathematical economists. This book is still used a textbook and is an outstanding example of clearly written economic theory.

The Theory of Interest 下载 mobi epub pdf txt 电子书

著者简介

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.


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…… 开口跪,卧槽…………要一直跪到书的结尾吗?

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…… 开口跪,卧槽…………要一直跪到书的结尾吗?

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…… 开口跪,卧槽…………要一直跪到书的结尾吗?

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…… 开口跪,卧槽…………要一直跪到书的结尾吗?

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…… 开口跪,卧槽…………要一直跪到书的结尾吗?

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在这里谈利息理论,感觉特别过瘾。正是知道有很多不同意见,才有必要直陈自己的心得。认为联储不能操纵经济走势的经济学者数之不尽,而在对利息的精准理解上,与我相同的则至少包括阿尔钦(A. A. Alchian)和拉发(A. B. Laffer)。我更相信,这知识的源头来自上世纪初奥地利...  

评分

评分

“人性不耐”一词出自美国经济学家费雪《利息理论》,费雪在该著作中借鉴了庞巴维克的时间偏好理论,引入了人性不耐论。人性不耐论说明即使人们已经有了高度的时间观念以及对未来的估计,人们还是倾向于“过好”现在而不是同样地为未来着想。 一、人性不耐的经济学含义 人性...  

评分

“人性不耐”一词出自美国经济学家费雪《利息理论》,费雪在该著作中借鉴了庞巴维克的时间偏好理论,引入了人性不耐论。人性不耐论说明即使人们已经有了高度的时间观念以及对未来的估计,人们还是倾向于“过好”现在而不是同样地为未来着想。 一、人性不耐的经济学含义 人性...  

评分

在这里谈利息理论,感觉特别过瘾。正是知道有很多不同意见,才有必要直陈自己的心得。认为联储不能操纵经济走势的经济学者数之不尽,而在对利息的精准理解上,与我相同的则至少包括阿尔钦(A. A. Alchian)和拉发(A. B. Laffer)。我更相信,这知识的源头来自上世纪初奥地利...  

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