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Irving Fisher (1867–1947): The Canonical Form of the Quantity Theory

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  • Jan Greitens

    (Johann Wolfgang Goethe-Universität)

Abstract

This chapter presents Fisher’s formalization of the Quantity Theory of Money through the equation of exchange. He defines the relationship between money supply, velocity, transaction volume, and price levels, emphasizing proportionality between money and prices. Fisher distinguishes between different forms of money and incorporates credit into his framework. His approach aims to provide an empirical and measurable foundation for monetary theory. This chapter highlights Fisher’s influence on modern macroeconomics and monetary policy, particularly his focus on price stability and long-term neutrality of money.

Suggested Citation

  • Jan Greitens, 2026. "Irving Fisher (1867–1947): The Canonical Form of the Quantity Theory," Springer Studies in the History of Economic Thought,, Springer.
    • Handle: RePEc:spr:spshcp:978-3-032-24113-9_26
    DOI: 10.1007/978-3-032-24113-9_26
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