Commentary History of Economic Thought, Methodology, and Heterodox Approaches

Fundamentals of modern economy: Irving Fisher and the time choice theory

Henrik Egbert - Anhalt University of Applied Sciences, Germany
Teodor Sedlarski - Sofia University St. Kliment Ohridski
Received: 14 Aug 2022
Revised:
Published:
Downloads: 0
Citations: 0
Issue 1/2017
JEL А10
DOI https://doi.org/10.56497/etj1762107

Abstract

The life path of Irwin Fisher, one of the most famous economists of the 20th century, who in his lifetime was described as a genius, is briefly described. Along with his seminal contributions to economic theory, he was among the pioneers in topics related to mathematics, statistics, food security, health care, political stability, and peace. His theoretical and applied contributions are still part of economics textbooks. A brief overview is given of Fisher's writings, which played a significant role in introducing the neoclassical tradition to the United States in the late nineteenth century. The model of temporal (intertemporal) choice, which is an important link between general equilibrium theory, the theory of money, the theory of investment and the theory of consumption, is analysed in more detail. The main reasons why Fisher's works have not lost their relevance in our times are given.

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