Irving Fisher's monograph Appreciation and Interest (1896) proposed his famous equation showing expected inflation as the difference between nominal interest and real interest rates. In addition, he drew attention to insightful remarks and numerical examples scattered through the earlier...

<title>Abstract</title> Guy Routh was an outstandingly incisive and severe critic of mainstream economic theory's abstraction, class bias, and empirical irrelevance. Routh's <italic>The Origin of Economic Ideas</italic> (1975 1989), with such chapter titles as “The Preposterous Origins” and “From Propaganda to Dogma”,...

<title>Abstract</title> David Hume's classic statement of the quantity theory of money and the specie-flow mechanism of international adjustment in 1752 and Irving Fisher's authoritative restatement of the quantity theory in 1911 shared a concern with simultaneously upholding both the long-run neutrality and...

This paper contrasts Irving Fisher’s monetary analysis of Xuctuations in output and employment with the competing cyclical approach to analysing such Xuctuations, with particular attention to a series of articles in the 1920s in which Fisher challenged the widely prevailing notion that truly...

This paper examines the relationship of the monetary economics of James Tobin to modern monetary theory, which has diverged in many ways from the directions taken by Tobin and his associates (for example, moving away from multi-asset models of financial market equilibrium and from monetary...

This chapter draws on the debt-deflation process of <link rid="b17">Fisher (1933</link>) as well as on <link rid="b30">Keynes (1936</link>, chapter 19) and <link rid="b51">Tobin (1975</link>, <link rid="b52">1980</link>) to explore the concept of a corridor of stability, where an economy will be self-adjusting only for demand shocks small enough to leave it within that corridor....