Original article History of Economic Thought, Methodology, and Heterodox Approaches

Fundamentals of modern economy: Irving Fisher and intertemporal choice theory

Vasil Todorov - Economic Research Institute аt BAS
Received: 08 Jun 2022
Revised:
Published:
Downloads: 0
Citations: 0
Issue 2/2017
JEL P16 A10 B50 B59
DOI https://doi.org/10.56497/etj1762201

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.

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