Frank Albert Fetter
USABiography of Frank Albert Fetter
Frank Albert Fetter was an American economist of the Austrian school. He was born on March 8, 1863, in Peru, Indiana. From a young age, Fetter demonstrated outstanding academic achievements and became a student at Indiana University at the age of 16. However, due to his father's health problems, Fetter had to leave the university without completing his education. He later found work in a bookshop, an experience that would greatly influence his future endeavors.
While managing the bookstore, Fetter developed a clear understanding of economics as a whole. His views were further shaped by his acquaintance with Henry George's book, "Progress and Poverty." After an eight-year hiatus, Fetter returned to his university and graduated in 1891. It was during this time that he became good friends with Jeremiah W. Jenks, a professor at the university. In 1892, Fetter completed Jenks' courses in philosophy, and it was Jenks who convinced him to pursue further education.
In 1894, Fetter defended his dissertation, receiving a Ph.D. in Philosophy from the University of Halle in Germany. The topic of his dissertation was a critical analysis of Malthusianism. Following this, Fetter initially worked as a professor at Cornell University but quickly left to accept a professorship at Indiana University. In 1898, he moved to Stanford University. Fetter later returned to Cornell and in 1911, he began teaching at Princeton University, where he became the first chairman of the university's Department of Economics and Social Institutions.
Throughout his career, Fetter taught at several prestigious universities, including Harvard, Columbia, Johns Hopkins, Northwestern, University of Illinois, and Claremont College. Many of these universities bestowed honorary professorship degrees upon Fetter in recognition of his contributions to the field of economics. Fetter is best known for his renowned treatise, "Principles of Economics," which helped foster an interest in the Austrian school of economics in the United States.
Fetter's numerous articles were published in journals such as the American Economic Association and the "Quarterly Journal of Economics, Journal of Political Economy," and "American Economic Review." He made significant contributions to the development of the theory of market space at the micro level, defining various economic boundaries. Fetter's contributions to the Austrian subjective tradition were notable, as he demonstrated how this homogeneous, subjective theory of value countered socialist theories of labor exploitation, Ricardo's theory of rent, and interest rate theories.
Frank A. Fetter passed away on March 21, 1949, at the age of 86. Following his death, Douglas Brown wrote, "With the passing of Frank Albert Fetter, the great array of American economists suffered an irreparable loss." Fetter is included in economist Mark Blaug's list of "100 Great Economists Before Keynes."
