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Article: Fisher's the nature of capital and income *.
- Article from:
- The American Journal of Economics and Sociology
- Article date:
- January 1, 2005
- Author:
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"[The book]..., besides presenting the first modern theory of accounting, is (or should be) the basis of modern income analysis." Joseph A. Schumpeter
The Background
SCHUMPETER REGARDED The Nature of Capital and Income as one of the three of Fisher's contributions to general theory generally recognized, at the time Schumpeter was writing, as "of first-class importance and originality." The other two were Fisher's Mathematical Investigations (1892) and his statistical method for measuring the marginal utility of income (1927). Actually Schumpeter cites, as if still another, Fisher's theory of interest--presented in The Rate of Interest (1907) and The ...