By Colin Read (auth.)
ISBN-10: 0230349447
ISBN-13: 9780230349445
ISBN-10: 1349324299
ISBN-13: 9781349324293
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Extra info for The Life Cyclists: Fisher, Keynes, Modigliani and Friedman
Sample text
Dynamics, stability, equilibrium, and adjustment processes were mathematical and physical concepts that had been drawn into economics and finance ever since. Fisher went further. His already-demonstrated penchant for devices and patents was tapped as part of his thesis. To demonstrate his concept that markets converge toward equilibrium just as water finds its own level, he produced an elaborate hydrostatic model that showed how various components change their position as the level of water is changed.
Should such inflation occur, the prevailing interest rate will rise, but the mortgage rate locked in for a long term of typically between 15 and 30 years will not. The homeowner’s wage will typically rise with income, making the mortgage increasingly affordable. In addition, the price of the home will usually rise with inflation, further improving the loan-to-value ratio for the homeowner. While the long-term borrower has everything to gain when the inflation rate rises, the lender likewise loses.
Indeed, you would continue to do so, and consequently dilute your marginal enjoyment of good A, until your internal valuation is aligned to the valuation that the market dictates to you. A new application for an old technique One characteristic that frequently defines great minds is their ability to look at a familiar condition in an unconventional way. Fisher interpreted these indifference curves, the wealth line, and equilibrium in a new way, which shed light upon a previously murky area. In his novel and powerful interpretation of these indifference curve figures, Fisher suggested that the axes can instead represent the amount of consumption C0 today, which we call period 0, and, for illustrative purposes, consumption C1 in a year, called period 1.
The Life Cyclists: Fisher, Keynes, Modigliani and Friedman by Colin Read (auth.)
by Kevin
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