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Changing Economics: Irving Fisher, the Cowles Commission, and the Econometric Society

In: Irving Fisher

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  • Robert W. Dimand

    (Brock University)

Abstract

Changing Economics: Fisher, the Cowles Commission, and the Econometric Society: From his simulation model of general equilibrium in the 1890s through his subsequent use of correlation analysis, distributed lags (the Fisher lag with arithmetically decreasing weights), the Fisher relation between real and nominal interest, the Fisher two-period optimal consumption diagram, and index number theory, Fisher’s approach to economics contrasted with the textbooks and journal articles of his mainstream contemporaries (and even more with another alternative to the mainstream, the institutionalist economics of Thorstein Veblen, with whom Fisher shared a dissertation adviser) but later economics came to look increasingly like Fisher’s economics. Two organizations that Fisher helped create, the Cowles Commission for Research in Economics and the Econometric Society (with its journal Econometrica), figured prominently in this transformation of economics.

Suggested Citation

  • Robert W. Dimand, 2019. "Changing Economics: Irving Fisher, the Cowles Commission, and the Econometric Society," Great Thinkers in Economics, in: Irving Fisher, chapter 0, pages 201-221, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-030-05177-8_9
    DOI: 10.1007/978-3-030-05177-8_9
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