Kuwait Map Tourist Attractions on STATE UNIVERSITY OF NEW YORK, NEW PALTZ Fisher, Irving (18671947) THE GREATEST OF America's scientific economists up to our own day (according to Joseph SCHUMPETER in 1948) is probably best known for being wrong. In the summer of 1929 Fisher stated, in his nationally syndicated weekly newspaper column, that he be- 302 Fisher, Irving lieved the economy had hit a new plateau, and that increases in productivity would ensure a bright macroeconomic future. In October of that same year, the Great DEPRESSION wiped out his own fortune (his inventions had made him a millionaire) and the fortunes of his countrymen. Fisher's attempt to talk up the market would stalk him to his end.
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It is an unfortunate way for this great economist to be remembered, since he made important contributions to nearly every discipline of economic theory. His dissertation on mathematical economics, Mathematical Investigations in the Theory of Value and Prices (1892), was hailed by Paul SAMUELSON as the greatest doctoral dissertation in economics ever written. He was an important early advocate of the marginalist position in MICROECONOMICS, and of an extremely sophisticated version of the Quantity Theory of Money in MACROECONOMICS.
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