SCHOOLS OF THOUGHT
Irving Fisher
- I was born in Saugerties, New York, in 1867. I was educated and taught at Yale University.
- My most important book, The Theory of Interest as Determined by Impatience to Spend Income and Opportunity to Invest it, was published in 1930.
- I argued that people have a desire to both spend and invest their income.
- I imagined that interest rates are derived from how two forces (the time preference to spend income immediately and the opportunity to invest income to create future income) interact.