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THE DEBT-DEFLATION THEORY OF GREAT DEPRESSIONS. BY IRVING FISHER. INTRODUCTORY. IN Booms and Depressions, I have developed, theoretically and sta-tistically, what may be called a debt-deflation theory of great depres-sions. In the preface, I stated that the results "seem largely new," I spoke thus cautiously because of my unfamiliarity with the ...
This debt-deflation theory was first stated in my lectures at Yale in 1931, and first stated publicly before the American Association for the Advancement of Science, on January 1, 1932. It is fully set forth in my Booms and Depressions, 1932, and some special features of my general views on cycle theory in "Business.
Mar 14, 2013 · 1. Introduction. Fisher introduced the ‘debt-deflation theory of depression’ to explain the Great Depression in the early 1930s. He first stated it in his 1932 book Booms and Depressions, and it was summarised in the first volume of Econometrica (1933), in the form of a presidential address to the Econometric Society.
- Michael Assous
- 2013
Irving Fisher (February 27, 1867 – April 29, 1947) [ 1] was an American economist, statistician, inventor, eugenicist and progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the post-Keynesian school. [ 2] Joseph Schumpeter described him as ...
Title: The Debt-Deflation Theory of Great Depressions. Author: Fisher, Irving. Date: October 1933. Deep Zoom. Page 1. THE DEBT-DEFLATION THEORY OF GREAT DEPRESSIONS BY IRVING FISHER INTRODUCTORY IN Booms and Depressions, I have developed, theoretically and sta- tistically, what may be called a debt-deflation theory of great depres- sions.
- Irving Fisher
- 2010
May 1, 1996 · The essence of Irving Fisher's debt-deflation theory was an interactive process whereby falling commodity prices increased the debt burden of borrowers. Despite the absence of falling prices today, this paper argues that a modified debt-deflation process is still possible.
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Mar 30, 2019 · Abstract. The Debt-Deflation Theory of Great Depressions: During the Great Depression, Fisher provided the Hoover and Roosevelt Administrations with much advice (largely unsolicited) about the need for what Fisher termed reflation. Fisher’s emphasis on monetary policy came to be overshadowed by Keynes’s theory of employment and the Kahn ...
