The Purchasing Power of Money. Its Determination and Relation to Credi

FISHER (Irving).

The Purchasing Power of Money. Its Determination and Relation to Credit Interest and Crises. Assisted by Harry G. Brown.

THE FISHER EQUATION OF EXCHANGE

First edition. 8vo. xxii, [2], 505, [1], [6, publisher’s advertisements] pp., with two folding tables. Original green cloth, spine lettered and ruled in gilt, covers with single blind border (faint creasing to lower corner of front free endpaper with contemporary ink ownership inscription of ‘H. Longman, London School of Economics’ and recent neat pencilled ownership inscription of Hon. Stanley C. Wisniewski to recto and verso respectively, contents otherwise generally clean; rubbing to tips of spine, joints and corners, front hinge slightly delicate but holding firmly, notwithstanding a very good copy overall). New York, The MacMillan Company, 1911.

£2,000.00

Irving Fisher’s seminal work of monetary economics in which he introduced his famous equation of exchange, known as the Fisher Equation. ‘The Equation is the identity MV = PT, where M is the stock of money; V its velocity, the average number of times per year a dollar of the stock changes hands; P is the average price of the considerations traded for money in such transactions; and T is the physical volume per year of those considerations. It is an identity because it is in principle true by definition’ (New Palgrave).

‘No other mathematical formulation in economics, perhaps no other in history save that of Albert Einstein, has enjoyed a greater vogue, and this continues without diminution to our own time’ (Galbraith, A History of Economics, pp. 152-3).

Fisher M-169.

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The Purchasing Power of Money. Its Determination and Relation to Credit Interest and Crises. Assisted by Harry G. Brown.

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