Irving Fisher

"what looks like a permanently high plateau"

"Professor Fisher's The Purchasing Power of Money is dedicated to Simon Newcomb, from whom vid Professor Kemmerer the PT = MV formula ultimately derives. Newcomb was not a professional economist but a mathematician (Professor of Mathematics in the U.S. Navy and at Johns Hopkins). His Principles of Political Economy, published in 1886, is one of those original works which a fresh scientific mind, not perverted by having read too much of the orthodox stuff, is able to produce from time to time in a half -formed subject like economics."

"THE great American who has departed from us was much more than an economist. But the vast realm over which he held sway and the intellectual climate of the epoch that nourished his thought have been admirably surveyed in Econometrica, and I shall confine myself to Fisher’s purely scientific work in our field. This will restrict our subject. But it will not lower it — at least, it could do so only through my own fault. For whatever else Fisher may have been—social philosopher, economic engineer, passionate crusader in many causes that he believed to be essential to the welfare of humanity, teacher, inventor, businessman — I venture to predict that his name will stand in history principally as the name of this country’s greatest scientific economist."