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- Money_illusion abstract "In economics, money illusion, or price illusion, refers to the tendency of people to think of currency in nominal, rather than real, terms. In other words, the numerical/face value (nominal value) of money is mistaken for its purchasing power (real value). This is false, as modern fiat currencies have no intrinsic value and their real value is derived from their ability to be exchanged for goods (purchasing power) and used for payment of taxes.The term was coined by Irving Fisher in Stabilizing the Dollar. It was popularized by John Maynard Keynes in the early twentieth century, and Irving Fisher wrote an important book on the subject, The Money Illusion, in 1928. The existence of money illusion is disputed by monetary economists who contend that people act rationally (i.e. think in real prices) with regard to their wealth. Eldar Shafir, Peter A. Diamond, and Amos Tversky (1997) have provided compelling[citation needed] empirical evidence for the existence of the effect and it has been shown to affect behaviour in a variety of experimental and real-world situations.Shafir et al. also state that money illusion influences economic behaviour in three main ways:Price stickiness. Money illusion has been proposed as one reason why nominal prices are slow to change even where inflation has caused real prices or costs to rise.Contracts and laws are not indexed to inflation as frequently as one would rationally expect.Social discourse, in formal media and more generally, reflects some confusion about real and nominal value.Money illusion can also influence people's perceptions of outcomes. Experiments have shown that people generally perceive an approximate 2% cut in nominal income with no change in monetary value as unfair, but see a 2% rise in nominal income where there is 4% inflation as fair, despite them being almost rational equivalents. However, this result is consistent with the 'Myopic Loss Aversion theory'. Furthermore, the money illusion means nominal changes in price can influence demand even if real prices have remained constant.".
- Money_illusion wikiPageExternalLink IrvingFisher.pdf.
- Money_illusion wikiPageExternalLink 8967.html.
- Money_illusion wikiPageExternalLink E2007_3.pdf.
- Money_illusion wikiPageExternalLink article?id=pde2008_N000166.
- Money_illusion wikiPageID "1041023".
- Money_illusion wikiPageRevisionID "599646942".
- Money_illusion hasPhotoCollection Money_illusion.
- Money_illusion subject Category:Behavioral_finance.
- Money_illusion subject Category:Cognitive_biases.
- Money_illusion subject Category:Heuristics.
- Money_illusion subject Category:Monetary_economics.
- Money_illusion subject Category:Money.
- Money_illusion type Abstraction100002137.
- Money_illusion type Act100030358.
- Money_illusion type Activity100407535.
- Money_illusion type Attitude106193203.
- Money_illusion type Bias106201908.
- Money_illusion type Cognition100023271.
- Money_illusion type CognitiveBiases.
- Money_illusion type Event100029378.
- Money_illusion type Heuristic105847956.
- Money_illusion type Heuristics.
- Money_illusion type Inclination106196584.
- Money_illusion type Partiality106201136.
- Money_illusion type Procedure101023820.
- Money_illusion type PsychologicalFeature100023100.
- Money_illusion type Rule105846932.
- Money_illusion type YagoPermanentlyLocatedEntity.
- Money_illusion comment "In economics, money illusion, or price illusion, refers to the tendency of people to think of currency in nominal, rather than real, terms. In other words, the numerical/face value (nominal value) of money is mistaken for its purchasing power (real value).".
- Money_illusion label "Geldillusie".
- Money_illusion label "Geldwertillusion".
- Money_illusion label "Illusion monétaire".
- Money_illusion label "Illusione monetaria".
- Money_illusion label "Ilusión monetaria".
- Money_illusion label "Iluzja pieniądza".
- Money_illusion label "Money illusion".
- Money_illusion label "Денежная иллюзия".
- Money_illusion label "貨幣錯覚".
- Money_illusion label "金錢幻覺".
- Money_illusion sameAs Geldwertillusion.
- Money_illusion sameAs Ilusión_monetaria.
- Money_illusion sameAs Illusion_monétaire.
- Money_illusion sameAs Illusione_monetaria.
- Money_illusion sameAs 貨幣錯覚.
- Money_illusion sameAs Geldillusie.
- Money_illusion sameAs Iluzja_pieniądza.
- Money_illusion sameAs m.040sqx.
- Money_illusion sameAs Q1428509.
- Money_illusion sameAs Q1428509.
- Money_illusion sameAs Money_illusion.
- Money_illusion wasDerivedFrom Money_illusion?oldid=599646942.
- Money_illusion isPrimaryTopicOf Money_illusion.