The Money Illusion
Book description
2011 reprint of 1928 edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. In economics, money illusion refers to the tendency of people to think of currency in nominal, rather than real, terms. This is a fallacy as modern fiat currencies have no inherent value and…
Why read it?
1 author picked The Money Illusion as one of their favorite books. Why do they recommend it?
Similarly, like John Maynard Keynes is considered to be “father of macroeconomics”, Irving Fisher is considered to be “father of money illusion”, which is a failure to perceive that the dollar expands or shrinks in value.
Although this book is older, it is highly topical for me, because of the rapid development of behavioral macroeconomics, which brings back attention to the resurrected concept of money illusion.
Fisher remarkably demonstrates, with the help of illustrative examples, direct harm which might be experienced in real life by people who suffer from money illusion in financial markets or labor markets. Fisher uses persuasive…
From Helena's list on economic reads about money illusion.
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