The Money Illusion by Irving Fisher
It explains the widespread tendency of people to focus on nominal money amounts rather than real purchasing power, showing how this misperception leads workers and firms to misinterpret wage and price changes, generate flawed contracts and expectations, and thereby amplify unemployment and business-cycle instability; the analysis traces how sticky nominal wages, prices, and debts interact with inflation and deflation to produce real economic harms and argues that monetary policy and institutional measures to stabilize the price level and reduce reliance on nominal contract terms can mitigate these distortions.
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- Published
- 1928
- Nationality
- American
- Length
- Unknown
- Pages
- Unknown
- Original Language
- English
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