Money Credit and Commerce.

MARSHALL, Alfred [Irving Fisher].

$5,000.00

Item Number: 133255

New York: The Macmillan Company, 1923.

First edition of this classic work. Octavo, original cloth. From the library of legendary economist Irving Fisher, with his bookplate to the front pastedown. Irving Fisher was an economist, statistician, inventor, and progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the post-Keynesian school. Joseph Schumpeter described him as “the greatest economist the United States has ever produced”, an assessment later repeated by James Tobin and Milton Friedman. In near fine condition. Housed in a custom half morocco slipcase crafted by Asprey. An important association, linking two giants of economic thought.

Alfred Marshall was a distinguished British economist and one of the founders of the neoclassical school of economics. He established his reputation with the magisterial Principles of Economics. That magnum opus quickly became a standard reference work, went through eight editions in Marshall's lifetime, and to this day is considered one of the classic economic treatises. Among his areas of expertise was monetary analysis, but he did not have the opportunity to publish a systematic presentation of his views until his later years. Money, Credit, and Commerce, devoted to this subject, was his last major work. Among the proposals made in this work for which he is most remembered is the adoption of "symmetalism," a plan for the combined use of gold and silver as the monetary base. Marshall also expressed his views on the relation of business fluctuations and the credit market to general unemployment. He saw reckless inflation of credit as the main cause of economic troubles. As the foremost British economist of his time, he influenced a later generation of economists. One of his most gifted students was John Maynard Keynes, who disagreed with some of Marshall's ideas, yet continued to refer to Marshall's contributions as essential groundwork.