Thinking outside the coffin

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Irv­ing Fish­er (1867–1947) was a neo­clas­si­cal econ­o­mist. I say “was” not mere­ly because he is dead, but also because he emphat­i­cal­ly reject­ed the neo­clas­si­cal approach after his “Near Death Expe­ri­ence” dur­ing the Great Depres­sion.

Fish­er was worth over $US100 mil­lion in today’s mon­ey when The Great Crash began. Unlike most econ­o­mists, he was also an inven­tor, and he invent­ed a pre­de­ces­sor of the Rolodex – the iPad of its day. He sold his inven­tion to the pre­de­ces­sor of Unisys in return for shares and a seat on the board – and like so many oth­ers back then, lev­ered his wealth by buy­ing shares on mar­gin.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.