The celebrated US economist who made major contributions to capital, interest and monetary theory During his long career as student and professor at Yale University (1892–1935), he published many influential works. His doctoral thesis, Mathematical Investigations in the Theory of Value and Price (1892) advanced general equilibrium theory; his The Nature of Capital and Income (1906) and The Rate of Interest (1907) introduced the important distinctions between real and nominal interest rates and between stocks and flows. Many works on monetary economics, including The Purchasing Power of Money (1911) and Booms and Depressions (1932) showed a progression from an exposition of the QUANTITY THEORY OF MONEY to a concern with stabilization policies. His contribution to economic statistics in The Making of Index Numbers (1927) is well known.
His other writings on nutrition, prohibition and pacifism made him known to a wider public. He also earned a great deal from inventing a visible card index system widely used by businesses.
References
Schumpeter, J.A. (1948) Ten Great Economists from Marx to Keynes, Oxford: Oxford University Press.
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