born Feb. 27, 1867, Saugerties, N.Y., U.S.
died April 29, 1947, New Haven, Conn.
U.S. economist best known for his work in the field of capital theory.
He received his Ph.D. from Yale University. As a professor at Yale (18921935), he examined the relationship between changes in the quantity of money and the general level of prices. He also promoted the concept of the "compensated dollar"
a dollar of constant purchasing power, defined in terms of an index of commodity prices rather than in terms of a given weight of gold. See also price index .