Hundreds of individuals have impacted economics throughout its vast history. Only a handful of these individuals are household names recognized with economics today. However, many lessor known economists have made lasting impressions, often making attributions to the theories we know today. One of these individuals who influenced economics in this way was Irving Fisher.

Irving Fisher was a very unique and brilliant man. He attended Yale University where he studied mathematics. He later used this background and applied it to economics, earning a PhD in economics, the first from Yale University. His study of mathematics played a crucial role in how his theories evolved. Almost all of his work involves mathematical computations to express the theories he devised. Fisher’s theories were revolutionary in the time period as a result, but his theories and legacy was tarnished due to one public statement in his career. He publicly announced right before the stock market crash of 1929 that the stock market had reached a “permanent plateau” and improvements were imminent. However, we know this never happened and he paid for it in both his career and his financial situation. It wasn’t until years later that people began to look back and realize Irving Fisher still had innovative theories and ideas.

One of these theories that Fisher gave to the world of economics was his theory of interest. His contributions first appeared in The Nature of Capital and Income (1906), next The Rate of Interest (1907) and later the revised version The Theory of Interest (1930). These works drew upon two prior individuals, John Rae and Eugen von Bohm-Bawerk, in developing them. Fisher believed the works of Rae and Bawerk didn’t provide a complete explanation of how the rate of interest is determined. Therefore, Fisher expanded and clarified what both of these economists tried to do. Fisher did this by introducing his two period diagram which showed how interest rates were determined....

...Irving Fisher's Analysis of the Great Depression
My proposition is to take an in depth examination of Irving Fisher's views on the origin of the Great Depression, his debt deflation theory and the policy measures he advocated. Only days prior to the stock market crash, Fisher predicted that the shares were in fact not overvalued and their increases were due to new profit opportunities created by new technological advances and increases in productivity. As the crash seemed to worsen overtime, however, he became aware that new theoretical explanations were needed and presented a new model, the debt-inflation theory, based upon the interaction of real and monetary reasoning.
I will also cover a timeline of events that include other ideas and views shared by Fisher and what affects they might have had at the time. In the early 1930's he became an active supporter of a "stamped money plan" aimed at counteracting widespread boarding. During the New Deal he was a strong supporter of expansionary monetary measures and proposed a revision of the banking system aimed at abolishing fractional reserves, or 100% money. He devoted the remainder of his days opposing Roosevelt's labor and industrial policies, and really any intervention by the government on economic activity, disregarding the control on money supply.
Resources
1. IrvingFisher "A Biography of the writings of...

...IrvingFisher - His Life
Fisher was born in New York state in 1867. He studied science and philosophy at Yale. Here he had a wide variety of interests. For example, he published poetry and works on astronomy, mechanics, and geometry. Despite all of these interests, Fisher was most interested in mathematics and economics. Yale did not have an Economics Department at the time. Regardless, Fisher continued with his interests and earned the first Ph.D. in economics ever awarded by Yale. Fisher stayed at Yale for his whole career.
Fisher had many interests. Due to developing and surviving tuberculosis in his early 30s Fisher had a great interest in health and hygiene. He wrote a national best-seller titled How to Live: Rules for Healthful Living Based on Modern Science. Fisher was also an inventor. His company merged with another to form Remington Rand, which was later known as Sperry Rand. This merger made his a very wealthy man. However, he lost a great deal of this wealth in the stock market crash of 1929. During his life Fisher also campaigned for Prohibition, peace, and eugenics. Fisher died in New York April 29, 1947.
IrvingFisher - His Work
Fisher was a mathematical economist. However, unlike many academics he was also a very clear writer. Thus, he became...

...BIOGRAPHY 20.1 IrvingFisher (1867 -1947)
IrvingFisher was born at Saugerties, New York, the son of a Congregational minister. As did his father, Fisher studied at Yale. Mathematics was his favorite subject. He won first prize in a math contest even as a freshman; his doctoral dissertation,Mathematical Investigations in the Theory of Value and Prices (1892), was a landmark in the development of mathematical economics. This dissertation won immediate praise from no lesser figures than Francis Y. Edgeworth and Vilfredo Pareto, two renowned economists. Some 55 years later, Ragnar Frisch (eventual winner of the 1969 Nobel Prize in Economic Science) would say about Fisher: "He has been anywhere from a decade to two generations ahead of his time .... it will be hard to find any single work that has been more influential than Fisher's dissertation." It is no wonder that Fisher was a full professor of political economy at Yale within seven years of graduation. He stayed there during his entire career.
Fisher's main contributions lie in the theory of utility and consumer choice, the theory of interest and capital, and the theory of statistics (index numbers, distributed lags). These contributions are reflected in such works as The Nature of Capital and Income (1906), The Theory of Interest (1907), The Purchasing Power of Money (1911) -a great pioneering...

...The Fisher effect and negative real interest rates by the example of Taiwan
This paper examines the effects of negative real interest rates and talks about developments in Taiwan. For the calculation of the real interest rates the Fisher equation and Fisher effect is examined first. In the end suggestions for the further management of interest rates in Taiwan by the central bank is given.
1. Fisher effect and equationFisher equation
The Fisher equation links the nominal interest rate (i), the real interest rate (r) and the expected or real (ex- ante or ex- post) inflation (Π)
The main concept is the composition of the nominal interest rate (i) out of the real (expected) interest rate (ra) and the expected inflation rate (Πe). Ex post this equation is adjusted, so as the nominal interest rate (i) is composed out of the real interest rate (r) and the real inflation (Π).
i ~ ra + Πe -> ra ~ i - Πe (ex ante)
and
i ~ r + Π -> r ~ i - Π (ex post)
Implications
The Fisher equation has some important implications regarding the real interest rate, that are described in Horn, 2008, p5:
1. If Π = 0, then i = r.
In this case the value of money is constant. The cost of holding money is the same as the opportunity costs of investment. Under this condition r cannot be negative, as i >= 0.
2. If Π > 0, then i > r. In the case of a positive...

...The Fisher Effect and the Quantity Theory of Money
Eric Mahaney
4/7/13
EC-301-1
The Fisher effect and the Fisher equation were made famous by economist IrvingFisher. He created his equation by rearranging the equation for real interest rate, which is (r = i - π). Real interest rate equals the nominal interest rate plus inflation. This is a very basic equation. Fisher manipulated it to solve for i, in order to understand the effect that inflation has on nominal interest rate. The famous equation is i = r + π, nominal interest rate equals real interest rate plus inflation. This is basically saying that the nominal interest rate can be changed by a change in either the real interest rate or inflation. The Fisher effect is the one to one relationship between the inflation rate and the nominal interest rate. According to this model, as inflation increases, the nominal interest rate should also increase by the same proportion. The main concept behind the Fisher effect is that higher inflation causes higher nominal interest rate. (Mankiw, 91-92)
By using the Fisher effect along with the quantity theory of money, the effect that money growth has on nominal interest rate can also be analyzed. The quantity theory of money is M*V=P*Y or the quantity of money multiplied by the velocity of money equals price multiplied by output. The velocity...

...Café de Coral
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This article is about Café de Coral fast food company. For Café de Coral fast food franchise, see Café de Coral (restaurant).
Café de Coral Holdings, Ltd.
Type
Publicly traded SEHK: 0341
Industry
Foodservice
Founded
Causeway Bay, Hong Kong (1968)
Headquarters
Shatin, Hong Kong
Key people
Michael Chan, Chairman
Products
Fast food
Casual dining
Revenue
HK$5.33 billion (2011)
Employees
15,000+ (2010)
Website
www.cafedecoral.com
Café de Coral (Chinese: 大家樂; Cantonese Yale: daai6 gaa1 lok6, SEHK: 0341, Grey Market: CFCGY) is a fast food restaurant group which owns and operates fast food chains and restaurants including Café de Coral, The Spaghetti House, Manchu Wok, Oliver's Super Sandwiches, Ah Yee Leng Tong, and others.
Founded in 1968, the Café de Coral group opened its first Café de Coral restaurant in the Causeway Bay district of Hong Kong in 1969. Since then, the group has grown to operate over 580 separate outlets across its brands all over the world. It is the largest Chinese fast food restaurant group in Hong Kong and in the world. In Hong Kong alone, it caters to over 300,000 people on an average day.[1]
Contents
[hide]
1 History
1.1 Founding
1.2 Acquisitions and expansion
2 Brands
2.1 Café de Coral
2.2 The Spaghetti House
2.3 Ah Yee Leng Tong
2.4 Bravo le Café
2.5 Super Super Congee & Noodles
3 Wage controversy
3.1 Scientific management
4...

...1
Reading notes from Irving Fisher’s The Theory of Interest, 1930
Preface -- It was the misunderstanding of my theory of interest put forward in my 1907
book the Rate of Interest that led me to adopt the catchword “investment opportunity” as
a substitute for the inadequate term “productivity” which had come into general use.
This combined with my early “impatience theory” led to the impatience and opportunity
theory which can be said to be distinct from all other theories of interest because it
explicitly analyzes opportunity and fits together impatience and opportunity and income.
The income concept plays the basic role in the theory of interest. I venture to hope
that the theory here presented, will be found not so much to overthrow as to coordinate
previous theories, and to help in making the chain of explanation complete and strong.
The term “investment opportunity” seems to be the nearest expression in popular
language to suggest the technical magnitude r employed in this book. The full expression
for r is the rate of return over costs, and both cost and returns are differences between two
optional income streams. So far as I know, no other writer on interest has made use of
income streams and their differences, or rates of return over cost per annum.
Part I Introduction Chapter 1 income and capital Paragraph 1 subjective or enjoyment
income.
It is only what we carry out of the marketplace into our homes and private lives which
really...