Introduction:

The concept of money has been a subject of great interest among economists. It is considered as a measuring rod of utility by one of the most famous economists.

The Economist who said that money is the measuring rod of utility:

The economist who proposed that money is the measuring rod of utility is none other than Irving Fisher.

Explanation:

Irving Fisher was an American economist who lived from 1867 to 1947. He was one of the most influential economists of his time and is known for his contributions to the fields of monetary theory, macroeconomics, and econometrics.

Fisher believed that money is not just a medium of exchange but also a measuring rod of utility. He argued that the value of goods and services can be measured in terms of the amount of money people are willing to pay for them. In other words, the price of a good or service reflects its utility to the consumer.

Fisher believed that the value of money itself could be measured in terms of the goods and services it can buy. He proposed the concept of the "real value of money," which takes into account the changes in the purchasing power of money over time due to inflation or deflation.

Fisher's theory of money as a measuring rod of utility has been widely accepted by economists. It has helped to explain how changes in the money supply can affect the economy and has led to the development of modern monetary policy.

Conclusion:

In conclusion, Irving Fisher was the economist who proposed that money is the measuring rod of utility. He believed that the value of goods and services can be measured in terms of the amount of money people are willing to pay for them and that the value of money itself can be measured in terms of the goods and services it can buy. Fisher's theory has had a significant impact on the field of economics and has helped to shape modern monetary policy.