The Money Illusion

The Money Illusion

In economics, money 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 inherent value and their real value is derived from their ability to be exchanged for goods and used for payment of taxes. The term was coined by John Maynard Keynes in the early twentieth… (more)

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Book Details  


Publisher: Dancing Unicorn Books (August 24, 2016)

Parent ISBN: 9781515410003

Page count: 100 pages

Language: English


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