Frank Fetter
| Frank Albert Fetter | |
|---|---|
| Born |
8 March 1863 Peru, Indiana, U.S. |
| Died | 21 March 1949 (aged 86) Princeton, New Jersey, U.S. |
| Nationality | American |
| Field | Economics, history, political economy, distribution theory, imputation |
| School or tradition |
Austrian School |
| Influences | Carl Menger, Stanley Jevons, John Bates Clark, Friedrich von Wieser, Eugen von Böhm-Bawerk, Henry George |
| Influenced | Ludwig von Mises, F.A. Hayek, Murray Rothbard, Richard Ebeling, Jeffrey Herbener |
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Frank Albert Fetter (/ˈfɛtər/; March 8, 1863 – March 21, 1949) was an American economist of the Austrian School. Fetter's treatise, The Principles of Economics, contributed to an increased American interest in the Austrian School, including the theories of Eugen von Böhm-Bawerk, Friedrich von Wieser, Ludwig von Mises and Friedrich Hayek.
Fetter notably debated Alfred Marshall, presenting a theoretical reassessment of land as capital. Fetter's arguments have been credited with prompting mainstream economists to abandon the Georgist idea "that land is a unique factor of production and hence that there is any special need for a special theory of ground rent...." A proponent of the subjective theory of value, Fetter emphasized the importance of time preference and rebuffed Irving Fisher for abandoning the pure time preference theory of interest that Fisher had earlier espoused in his 1907 book, The Rate of Interest.
Frank Fetter was born in Peru, Indiana to a Quaker family during the height of the American Civil War. Fetter proved an able student as a youth, as demonstrated by his acceptance to Indiana University in 1879 when he was only sixteen years old. At Indiana, he joined the Phi Kappa Psi Fraternity. Fetter was on track to graduate with the class of 1883, but left college to run his family's bookstore upon news of his father's declining health. Working in the bookstore offered an opportunity for the young man to acquaint himself with some of the economic ideas that would later prove formative. Chief among the intellectual influences Fetter encountered at this time was Henry George's Progress and Poverty (1879).
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