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 century. Almost every one is subject to the
"Money Illusion" in respect to his own country's currency. This
seems to him to be stationary while the money of other countries
seems to change. It may seem strange but it is true that we see the
rise or fall of foreign money better than we see that of our
own.-IRVING FISHER Wilder Publications is a green publisher. All of
our books are printed to order. This reduces waste and helps us
keep prices low while greatly reducing our impact on the
environment.
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