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Commentary on Irving Fisher, The Nature of Capital and Income (1906)

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Abstract

Schumpeter regarded "The Nature of Capital and Income" as one of the three of Fisher's contributions to general theory generally recognized, at the time Schumpeter was writing, as "of first-class importance and originality." The other two were Fisher's "Mathematical Investigations" (1982) and his statistical method for measuring the marginal utility of income (1972). Nature is the bridge, both in sequence and in logic, between the other two great works, the timeless general equilibrium theory of the 1892 dissertation and the extension of that theory to intertemporal choices in production and consumption in the theory of interest.

Suggested Citation

  • James Tobin, 1991. "Commentary on Irving Fisher, The Nature of Capital and Income (1906)," Cowles Foundation Discussion Papers 992, Cowles Foundation for Research in Economics, Yale University.
  • Handle: RePEc:cwl:cwldpp:992
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    File URL: http://cowles.yale.edu/sites/default/files/files/pub/d09/d0992.pdf
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    1. Veblen, Thorstein, 1908. "Fisher's Capital and Income," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 23.
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    Cited by:

    1. Alexandre Rambaud & Jacques Richard, 2015. "Towards a finance that CARES," Post-Print halshs-01260075, HAL.

    More about this item

    Keywords

    General equilibrium; economic thought;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics

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