SIGNED BY IRVING FISHER, NATURE OF CAPITAL AND INCOME, HIS PIONEERING WORK ON THE GROWTH OF WEALTH
FISHER, Irving. The Nature of Capital and Income. New York and London: Macmillan, 1927. Thick octavo, original green cloth. $3800.
Scarce 1927 edition of this pioneering work on the growth of wealth, by “the United States’ greatest scientific economist” (Niehans, 279), signed by Irving Fisher on the title page.
Considered "the father of monetary economics," Irving Fisher, during a mountain-climb in the Alps, encountered a cascade of water into a pool, which clicked with him as a metaphor for the growth of wealth—a distinction he used in this work to clarify several prevailing economic notions regarding capital and income. "He defined capital as a stock of wealth at one point in time, analogous to a stock of water in a pool… Out of current income would come a [cascade] of savings which adds to our stock of wealth" (Pressman, 92-93). With his Nature of Capital and Income, "Fisher became the first economist to develop a theory of capital (including human capital) on an actuarial and accounting basis… He demonstrated convincingly that in economics only the future counts, and that past costs have no direct relevance to value. In point of fact, his research resulted in rigorous definition of the bases on which it is possible to ground a valid theory of interest" (IESS). Preceded by the 1906 first edition and the 1923 edition.
Text very fresh, front inner paper hinge expertly reinforced, only lightest edge-wear to cloth, spine a bit toned. A near-fine copy, scarce signed.