The Purchasing Power of Money.
Its determination and relation to credit interest and crises.New York: The Macmillan Company, 1911 Stock Code: 131452
Presentation copyFirst edition, first printing. Presentation copy, inscribed by the author on the front free endpaper: "To Fred with the compliments of Irving". The Purchasing Power of Money "completely recast the theory of money, giving a full demonstration of the principles that determine the purchasing power of money in the formal framework of the equation of exchange and applying these principles to the study of historical changes in purchasing power" (IESS). It was in this work that Fisher formulated his famous equation regarding optimal monetary quantity, MVPT, where M is the quantity of money, V is the speed money flows round the economy, P is the level of prices and T is the number of transactions. This equation remains at the heart of contemporary monetary thinking and is the basis of quantitative easing; John Maynard Keynes challenged the equation and asserted his own, but Fisher's formulation was reinstated by Milton Friedman and the monetarists.
Octavo. Original green cloth, spine lettered in gilt.
With 2 fold out charts and several illustrations in the text.
Pencilled ownership date of July 1931 to front free endpaper, and extensive pencilled annotations to text. Expertly refurbished with joints and extremities discreetly repaired. Spine a little sunned and rubbed. A very good copy.
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