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
From America's first celebrated economist comes this 1912 textbook with a succinct yet highly informative introduction to economics as it was understood and practiced in the early 20th century. Fisher provides in-depth discussions of basic topics including: . wealth, property, and income . credit and debt . currency, prices, and monetary systems . supply and demand, capital and labor . poverty . and more. American economist IRVING FISHER (1867-1947) was professor of political economy at Yale University. Among his many books are The Rate of Interest (1907), Why Is the Dollar Shrinking? A Study in the High Cost of Living (1914), and Booms and Depressions (1932). _____________________________ ALSO FROM COSIMO: Fisher's The Purchasing Power of Money: Its Determination and Relation to Credit Interest and Crises and Mathematical Investigations in the Theory of Value and Prices and Appreciation and Interest
America's first celebrated economist-developer of the Fisher equation, the Fisher hypothesis, and the Fisher separation theorem-offers here a rational foundation for the most fundamental of concepts behind the modern economics: capital and income. This 1906 textbooks explores such ideas as. . the difference between wealth and property rights . why one bankruptcy leads to another . the difficulties of defining income . the "premium" and "price" concepts of interest . risk in the economic arena . and much more.
Here in one volume are two classics of the foundations of modern finance from America's first celebrated economist, Irving Fisher, for whom the Fisher equation, the Fisher hypothesis, and the Fisher separation theorem are named. In 1892's Mathematical Investigations in the Theory of Value and Prices and 1896's Appreciation and Interest, Fisher explores: . how the numbers of consumers and the numbers of available commodities are more mysterious than they seem at first glance . what happens when production and consumption are examined jointly . how commodities influence one another . the relationship between appreciation and debt . formulas for varying rates of interest and appreciation . the impacts of zero and negative interest . and much more. American economist IRVING FISHER (1867-1947) was professor of political economy at Yale University. Among his many books are The Rate of Interest (1907), Why Is the Dollar Shrinking? A Study in the High Cost of Living (1914), Booms and Depressions (1932), and The Purchasing Power of Money (1912).
Perhaps America's first celebrated economist, Irving Fisher-for whom the Fisher equation, the Fisher hypothesis, and the Fisher separation theorem are named-staked an early claim to fame with his revival, in this 1912 book, of the "quantity theory of money." An important work of 20th-century economics, this work explores: the circulation of money against goods the various circulating media the mystery of circulating credit how a rise in prices generates a further rise influence of foreign trade on the quantity of money the problem of monetary reform and much more. American economist IRVING FISHER (1867-1947) was professor of political economy at Yale University. Among his many books are Mathematical Investigations in the Theory of Value and Prices (1892), The Rate of Interest (1907), Why Is the Dollar Shrinking? A Study in the High Cost of Living (1914), and Booms and Depressions (1932).
Irving Fisher's interest in public health was the result of a bout with tuberculosis, after which he wrote "How to Live: Rules for Healthful Living Based on Modern Science." In his foreword to the book, former president and then-future Chief Justice William Howard Taft wrote that there were many "considerations that have influenced me to cooperate with the life extension movement, and to commend this volume to the earnest consideration of all who desire authoritative guidance in improving their own physical condition or in making effective the knowledge now available for bringing health and happiness to our people." To do that, the authors present chapters on the air, food, poisons, activities, and general hygiene, followed by sections dealing with being overweight or underweight, alcohol, posture, and tobacco -- and even how to avoid colds. Irving Fisher was a top American economist in the early 20th century who earned the first Ph.D. in economics awarded by Yale University, where he also taught political economy. He was an accomplished mathematician and an engaging and talented writer on even the most technical of subjects whose investigations ranged beyond economics to encompass astronomy, health and hygiene, mechanics, philosophy, poetry, science, and myriad public policy issues. Dr. Eugene Lyman Fisk was the chairman of the Life Extension Institute, under whose auspices this book was published.