Fritz Machlup

Fritz Machlup (English: Fritz Machlup, December 15, 1902 - January 30, 1983), an Austrian-American economist, was one of the first scholars to propose the concept of knowledge economy. Mahloup noted that some monetary authorities are keen to increase the currency reserves they manage. He likened the monetary authorities' pursuit of maximizing currency reserves to his wife's pursuit of more new clothes in her wardrobe. Later generations nicknamed this phenomenon "Mrs. Machlup's Wardrobe".