FISHER'S NEW THEORY OF CAPITAL. FISHER, IRVING. 1867-1947. The Nature of Capital and Income. New...

FISHER'S NEW THEORY OF CAPITAL. FISHER, IRVING. 1867-1947. The Nature of Capital and Income. New York: The Macmillan Company, 1906. 8vo. Publisher's green cloth, spine lettered in gilt. WITH: Slip signed and inscribed by Fisher ('Irving Fisher') indicating the book was a gift to his cousin, Margaret Janvier, additionally his business card laid-in. Provenance: Margaret Janvier (inscribed note from author inserted); Mary Albertson (ink name, dated 1913); Hon. Stanley C. Wisniewski (pencil inscription). FIRST EDITION, WITH SIGNED PRESENTATION, OF FISHER'S MAJOR CONTRIBUTION TO THE DEVELOPMENT OF CAPITAL THEORY. In this work Fisher redefines capital as a sum of assets valued in money terms by means of a discounted stream of expected income returns, bridging the gap between the definition of capital used by economists and by accountants. According to Schumpeter, Fisher's Nature of Capital and Income 'besides presenting the first economic theory of accounting, is (or should be) the basis of modern income analysis' (Schumpeter, History of Economic Analysis, 1954, p 872). For further information on this lot please visit Bonhams.com For further information about this lot please visit the lot listing