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04a_Fisher_life - 1 Fishers Life Irving Fisher was along...

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1 Fisher’s Life Irving Fisher was, along with Ken Arrow, the fi nest American economist in history. As a young professor at Yale he made a fortune when the company he founded sold its stock publicly. He became fascinated by the stock market and worked out a comprehensive theory. He was also a frequent advisor in Washington, and the main advice he had to give was that the government should expand the money supply. Fisher was con fi dent that the government would listen to his advice, and con fi dent that his policy prescription would keep the economy on a fi rm footing, and later, reverse the stock market crash of 1929. Unfortunately, Washington did not heed his advice. The money supply shrank dramatically, the economy was plunged into a great depression (perhaps for other reasons as well), and the stock market plummeted. Irving Fisher, who had said in 1929 that the stock market was at a “permanently high
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