Fisher Effect as an Example of Methodological Essentialism in Light of the Development of Economic Thought
Journal Title: Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu - Year 2017, Vol 72, Issue 1
Abstract
Simplifying assumptions create the basis for theoretical framework and Irving Fisher’s theory on changes in nominal interest rates in an inflationary environment also follows suit. These simplifications should be described by their authors within the scope of a given theory. However, Fisher sidestepped this issue in his research work. Thus, the aim of this article was to detect the simplifying assumptions of the Fisher effect as well as to indicate the extent of their impact on the theory described. Furthermore, the twentieth century’s development of economic thought and changes in global economy established the basis for evaluating the adequacy of the aforementioned simplifications. Hence, this analysis supports the view of the necessity to view the Fisher effect as a historical generalization.
Authors and Affiliations
Robert Sobków
Keywords
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