

Irving Fisher  Wikipedia, the free encyclopedia 
  Fisher was so discredited by his 1929 pronouncements, and by the failure of a firm he had started, that few people took notice of his "debtdeflation" analysis of the Depression. 
  Fisher was also the first economist to distinguish clearly between real and nominal interest rates, concluding that the real interest rate equals the nominal interest rate minus the expected inflation rate. 
  Fisher made free use of the standard diagrams used to teach undergraduate economics, but labelled the axes "consumption now" and "consumption next period" instead of, e.g., "apples" and "oranges." The resulting theory, one of considerable power and insight, was exposited in considerable detail in The Theory of Interest; for a concise exposition, click here. 
 en.wikipedia.org /wiki/Irving_Fisher (1564 words) 
