The American Economist , 30 1 : Henderson, Willie. Metaphor and Economics. In Roger E. Backhouse ed. Klamer, Arjo and Thomas C. In Philip Mirowski ed. Kloppenberg, James T.
Oxford: Oxford University Press. McCann, Charles R. Social Scientists and Progressive-Era Reform. McCloskey, Deirdre N. The Rhetoric of Economics. Second edition. McGrattan, Ellen R. International Economic Review , 45 4 : Mirowski, Philip. Mirowski, Philip ed. Natural Images in Economic Thought. Pavanelli, Giovanni. Working Paper. Table of correspondences established in Mathematical Investigations in the Theory of Value and Prices.
In Mechanics. In Economics. Marginal utility or disutility. This was a sizable sum, even for an economics professor. He was later unable to pay the rent and, in , he went under the obligation to retire from his position at Yale. The visit of Ragnar Frisch at Yale in , together with the analytical support given to the project by Charles F. In the Econometric Society was formed and Fisher became its first president.
My work in economics has been in writing special monographs on special small subjects and this one that had always seemed to me a pretty big subject and I was putting it off. But a year ago I began to study it, because I was asked to make an address upon it before the American Association for the Advancement of Science. Since that time I have given this all the attention that I could …. The paper will be reprinted in the Revue de l'Institut International de Statistique.
Robert W. Dimand mentions that in September Fisher had sent Roosevelt the charts from his debt-deflation paper see Fisher, , vol. Some Critical and Historical Perspectives Cohen, Cohen takes the example of the wing of a bat, analogous to the wing of a bird, and homologous to the bone structure of a mouse ibid.
The interest rate acts like the spigot, to fill or empty the country's reservoir of circulating deposit currency. It might well be called The Private Profits disease. This contraction of deposits and of their velocity, precipitated by distress selling, causes 3 A fall in the level of prices, in other words, a swelling of the dollar. Assuming, as above stated, that this fall of prices is not interfered with by reflation or otherwise, there must be 4 A still greater fall in the net worth of business, precipitating bankruptcies and 5 A like fall in profits, which in a "capitalistic," that is, a private-profit society, leads the concerns which are running at a loss to make 6 A reduction in output, in trade and in employment of labor.
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These losses, bankruptcies, and unemployment, lead to 7 Pessimism and loss of confidence, which in turn lead to 8 Hoarding and slowing down still more the velocity of circulation. The above eight changes cause 9 Complicated disturbances in the rates of interest, in particular, a fall in the nominal, or money, rates and a rise in the real, or commodity, rates of interest.
By that time the Federal Government would probably have become unable to pay its bills without resort to the printing press, which would itself have been a very belated and unfortunate case of artificial respiration. They are, it seems to me, palliatives, but not inconsistent with the currency reforms which do go to the roots.
A little individual liquidation reduces debts; but when liquidation becomes epidemic — why, then, the more society pays on its debts the bigger it makes those debts, because the bigger it makes each dollar through deflation. Fisher had already made this point in , in a letter to Franklin D. Only countries not on the gold standard escaped. See also Ibid.
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On August 8, , the rate was advanced more drastically from 5 to 6. This caused an ominous but temporary drop in the market; there was a quick recovery, and not till September 7 did the market reach its peak. The more the economic boat tips, the more it tends to tip. It is not tending to right itself, but is capsizing. But if the over-indebtedness is not sufficiently great to make liquidation thus defeat itself, the situation is different and simpler.
Janet M. Box-Steffensmeier, Henry E. Brady, and David Collier
It is then more analogous to stable equilibrium; the more the boat rocks the more it will tend to right itself. In that case, we have a truer example of a cycle. Annie L. Contents - Previous document - Next document. Business Cycles, Money and Economic Policy.
Outline 1. The Debt-Deflation Theory of Depressions. A metaphorical shift: from economic disequilibria to economic diseases. The debt disease and the dollar disease.
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The Normal and the Pathological: a New Frontier. Full text PDF k Send by e-mail. Fisher was then preparing his first book on the e Among the materials which were used for this Cohen takes the example of the wing of a bat, analogous to the wing of a bird, and homologous It might well be called The Pr A little individual liquidation reduces debts; but when liquidation bec Fisher had already made this poi It can be found in the first edit William Barber published large extracts Bibliography Allen, Robert Loring.
A particle corresponds to An individual. Space corresponds to Commodity. Force corresponds to Marginal utility or disutility. Work corresponds to Disutility. Energy corresponds to Utility. Source: Fisher, , Top of page.
References Bibliographical reference Annie L. Electronic reference Annie L. About the author Annie L. Albert O. Browse Index Authors Keywords Languages.
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Research in the History of Economic Thought and Methodology, Volume 28A: A Research Annual
A particle. An individual. This journal publishes selected reviews of publication in the broad fields indicated in the title of the journal as well as abstracts of research works. Abstracts of select articles from Indian economic periodicals and reviews of selected books published in English in India are published in this journal.
It was started in Since January , this journal has been started afresh from Volume I. The journal publishes abstracts of research work as well as book reviews. This journal publishes abstracts of articles in Political Science published in Indian journals, book reviews and a list of reviews published in Political Science journals. For outstation cheques please add Rs. Skip to main content. List of Publications. V: Industry, New Delhi: Allied, , pp. Subbarao; , 59pp. Panikar; , 48pp. Nair ; , 40pp. Govinda Rao and R. Chelliah; , 69pp.
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Archival Supplement 9: Stigler; revised by Ross B. Kurz and Gilbert Faccarello. Cheltenham, UK, Edward Elgar. Palgrave Macmillan. Thoemmes Continuum. Edward Elgar. Second Edition, edited by Steven N. Durlauf and Lawrence E. Palgrave Macmillan, Palgrave Macmillan, 01 May Macmillan, Milano: Bompiani. Thoemmes Continuum, London: Routledge, Knight, volume I edited by R.
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