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Economic Literacy and Money Illusion - An Experimental Perspective (Paperback)
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Economic Literacy and Money Illusion - An Experimental Perspective (Paperback)
Series: Routledge Advances in Experimental and Computable Economics
Expected to ship within 12 - 17 working days
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The concept of money illusion, a recently resurrected phenomenon of
behavioral economics, is a real fact of economic life, the
potential role of which should no longer be dismissed. Despite
money illusion being utterly suppressed by mainstream economists,
small deviations from rationality, together with trends in
behavioral economics, alleviate the denial of money illusion
induced by the rational expectations revolution. This book argues
that money illusion seems to be a ubiquitous phenomenon, affecting
various areas such as financial markets, housing markets, labor
markets, consumption-saving decisions, and even development at the
aggregate level induced by coordination issues. Furthermore, in
light of the educational efforts of central banks and other
institutions, it is worth considering whether solid economic
training would provide guidance for the public regarding their
decision-making and thereby alleviate the effects of money
illusion. The emerging field of experimental economics provides a
unique opportunity for us to verify the presence of money illusion.
Specifically, attention is devoted to the experimental
investigation of reduction in the direct and indirect effects of
money illusion with respect to the level of economic literacy
acquired through economic education. Economic Literacy and Money
Illusion will be of interest to the general audience and to those
who are interested in behavioral economics, economics education,
and experimental economics, as well as to policy makers and
institutions. Last but not least, it will help develop students'
interest in alternative economic theories. NB. The research and
writing of this book was made possible with the support of the
University of Economics, Prague, Faculty of Economics, Department
of Economics.
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