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Fundamentals of modern economy: Irving Fisher and intertemporal choice theory

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  • Henrik Egbert
  • Teodor Sedlarski

Abstract

This article summarizes the life and work of Irving Fisher – one of the most influential economists of the 20th century, famous in his lifetime for being a genius. Besides his groundbreaking contributions to economics, he is also a pathbreaker for topics related to mathematics, statistics, nutrition, health, political stability and peace. His contributions to economics, theoretical and applied, are still used in economics textbooks. This article provides a brief survey of Fisher’s work. It is closely related to the introduction of neoclassical theory in the US at the end of the 19th century. An overview of some of them and elaborate on his model of intertemporal choice are presented. This model is an important link between the general equilibrium theory, the theory of money, the theory of investment and the theory of consumption. The main reasons are being put forward for the Fisher’s work to sound contemporary in the new millennium.

Suggested Citation

  • Henrik Egbert & Teodor Sedlarski, 2017. "Fundamentals of modern economy: Irving Fisher and intertemporal choice theory," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 132-143.
    • Handle: RePEc:bas:econth:y:2017:i:1:p:132-143
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    4. Fisher, Irving, 1907. "The Rate of Interest," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number fisher1907.
    5. Thaler, Richard H, 1997. "Irving Fisher: Modern Behavioral Economist," American Economic Review, American Economic Association, vol. 87(2), pages 439-441, May.
    6. Robert W. Dimand & John Geanakoplos, 2005. "Celebrating Irving Fisher: The Legacy of a Great Economist," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(1), pages 3-18, January.
    7. Victor R. Fuchs, 2005. "Health, Government, and Irving Fisher," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(1), pages 407-425, January.
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