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- Author: Irving Fisher
- Assistant: Harry G. Brown

*The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises,* by Irving Fisher, assisted by Harry G. Brown (New York: Macmillan, 1922). New and Revised Edition.
http://oll.libertyfund.org/titles/1165

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A classic book by one of America’s greatest mathematical economists. Fisher states in the introduction that “The purpose of this book is to set forth the principles determining the purchasing power of money and to apply those principles to the study of historical changes in that purchasing power, including in particular the recent change in “the cost of living,” which has aroused world-wide discussion.”

The text is in the public domain.

This material is put online to further the educational goals of Liberty Fund, Inc. Unless otherwise stated in the Copyright Information section above, this material may be used freely for educational and academic purposes. It may not be used in any way for profit.

- CONTENTS
- PREFACE TO THE FIRST EDITION
- PREFACE TO THE SECOND EDITION
- SUGGESTIONS TO READERS
- ADDENDUM
- CHAPTER I: PRIMARY DEFINITIONS2
- § 1
- § 2
- § 3
- CHAPTER II: PURCHASING POWER OF MONEY AS RELATED TO THE EQUATION OF EXCHANGE
- § 1
- § 2
- § 3
- § 4
- § 5
- CHAPTER III: INFLUENCE OF DEPOSIT CURRENCY ON THE EQUATION AND THEREFORE ON PURCHASING POWER
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- CHAPTER IV: DISTURBANCE OF EQUATION AND OF PURCHASING POWER DURING TRANSITION PERIODS
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- CHAPTER V: INDIRECT INFLUENCES ON PURCHASING POWER
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- CHAPTER VI: INDIRECT INFLUENCES (continued)
- § 1
- § 2
- § 3
- § 4
- CHAPTER VII: INFLUENCE OF MONETARY SYSTEMS ON PURCHASING POWER
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- § 7
- § 8
- § 9
- CHAPTER VIII: INFLUENCE OF QUANTITY OF MONEY AND OTHER FACTORS ON PURCHASING POWER AND ON EACH OTHER
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- § 7
- § 8
- § 9
- CHAPTER IX: THE DISPERSION OF PRICES MAKES NECESSARY AN INDEX OF PURCHASING POWER
- § 1
- § 2
- § 3
- § 4
- CHAPTER X: THE BEST INDEX NUMBERS OF PURCHASING POWER
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- CHAPTER XI: STATISTICAL VERIFICATION. GENERAL HISTORICAL REVIEW
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- § 7
- § 8
- § 9
- § 10
- § 11
- § 12
- § 13
- § 14
- § 15
- § 16
- § 17
- § 18
- CHAPTER XII: STATISTICS OF RECENT YEARS
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- § 7
- § 8
- § 9
- § 10
- § 11
- CHAPTER XIII: THE PROBLEM OF MAKING PURCHASING POWER MORE STABLE
- § 1
- § 2
- § 3
- § 4
- § 5
- § 6
- APPENDIX TO CHAPTER II
- § I (TO CHAPTER II, § 3) The Concept of an Average
- § 2 (TO CHAPTER II, § 5) The Concept of Velocity of Circulation
- § 3 (TO CHAPTER II, § 5) "Arrays" of p's, Q's, and pQ's
- § 4 (TO CHAPTER II, § 5) "Arrays" of e's, m's, and V's
- § 5 (TO CHAPTER II, § 5) The Coin-transfer Concept of Velocity and the Concept of Time of Turnover
- § 6 (TO CHAPTER II, § 5) Algebraic Demonstration of Equation of Exchange
- § 7 (TO CHAPTER II, § 5) P must be a Specific Form of Average in order to vary directly as M and V and inversely as the Q's
- APPENDIX TO CHAPTER III
- § 1 (TO CHAPTER III, § 2) "Arrays" of k's and r's
- § 2 (TO CHAPTER III, § 4) Algebraic Demonstration of Equation of Exchange Including Deposit Currency
- APPENDIX TO CHAPTER V
- § 1 (TO CHAPTER V, § 5) Effect of Time Credit on Equation of Exchange
- APPENDIX TO CHAPTER VI
- § 1 (TO CHAPTER VI, § 1) Modification of Equation of Exchange required by International Trade
- APPENDIX TO CHAPTER VII
- § 1 (TO CHAPTER VII, § 2) Money Substitutes Unlike Other Substitutes
- § 2 (TO CHAPTER VII, § 2) Limits for Ratios within which Bimetallism is Possible
- APPENDIX TO CHAPTER VIII
- § 1 (TO CHAPTER VIII, § 6) Statistics of Turnover at Yale University
- § 2 (TO CHAPTER VIII, § 8) Four Types of Commodities Contrasted
- APPENDIX TO CHAPTER X
- § 1. Each Form of Index Number for Prices implies a Correlative Form of Index Number for Quantities
- § 2. Index Numbers for Prices occur in Antithetical Pairs as also do Index Numbers for Quantities
- § 3. General Meanings of p's and Q's
- § 4.Review of 44 Formulæ, heading the Table Columns
- § 5. Review of Eight Tests, heading the Table Rows
- THE EIGHT TESTS FOR A GOOD INDEX NUMBER
- § 6. The Interior of the Table; Column 11 in Particular
- § 7. The 44 Formulæ Compared
- § 8.Reasons for preferring the Median for Practical Purposes
- § 9. Summary
- APPENDIX TO CHAPTER XII
- § 1 (TO CHAPTER XII, § 1) Professor Kemmerer's Calculations
- § 2 (TO CHAPTER XII, § 2) Method of Calculating M
- § 3 (TO CHAPTER XII, § 2) Method of Calculating M'
- § 4 (TO CHAPTER XII, § 3) Method of Calculating M'V' for 1896 and 1909
- § 5 (TO CHAPTER XII, § 3) Method of Calculating M'V' for 1897-1908
- § 6 (TO CHAPTER XII, § 4) General Practical Formula for Calculating V
- I. An Approximate Formula
- II. The Complete Formula
- § 7 (TO CHAPTER XII, §4) Application of Formula to Calculation of V for 1896 and 1909
- § 8 (TO CHAPTER XII, § 4) Interpolating Values of V for 1897-1908
- § 9 (TO CHAPTER XII, § 5) Method of Calculating T
- § 10 (TO CHAPTER XII, § 5) Method of Calculating P
- § 11 (TO CHAPTER XII, § 7) Mutual Adjustments of Calculated Values of M, M', V, V', P, T
- § 12 (TO CHAPTER XII, § 17) Credit and Cash Transactions. Comparison with Kinley's Estimates
- ADDENDUM FOR SECOND EDITION
- APPENDIX TO THE SECOND EDITION, ON "STANDARDIZING THE DOLLAR"