“IF MONEY SHOULD BECOME DERANGED, IS IT NOT AT LEAST POSSIBLE THAT IT WOULD AFFECT ALL PROFITS, IN ONE WAY, AT ONE TIME?"

FISHER, Irving. Booms and Depressions. Some First Principles. New York: Adelphi, (1932). Octavo, original green cloth. Housed in a custom clamshell box. $2200.

First edition of Fisher’s work connecting monetary fluctuations to extreme periods of the business cycle.

In this work, Fisher puts forth the theory that booms and depressions may stem from "deranged" money, or currency that is behaving irrationally due to various value-skewing factors such as debt, hoarding, confidence, and consumption. Considered "the father of monetary economics" (Pressman, 91), "Irving Fisher was, in the opinion of many, the leading economic theorist in the United States during the first half of the 20th century. Although his contributions to economic theory and to the development of econometrics ensure him a preeminent position among contemporary economists, he was a versatile man. In his day he was equally well-known as social philosopher, teacher, inventor, businessman, and passionate crusader for many social causes" (ANB). Without scarce dust jacket, rarely found. Small notation to front free endpaper.

Cloth with small stain to rear panel. An about-fine copy.