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
A social history of the class system in the United States from the colonial period through the constitutional era that primarily concerns itself with the issue of slavery. Other legislative areas affected by the social structure of the times covered include laws of debt, land tenure, fair trade, and food supply...Marke, A Catalogue of the Law Collection of New York University (1953) 809.
Of all wealth, man himself is a species. Like his horses or his cattle, he is himself a material object, and like them, he is owned: for if slave, he is owned by another, and if free, by himself. But though human beings may be considered as wealth, human qualities, such as skill, intelligence, and inventiveness, are not wealth. Just as the hardness of steel is not wealth, but merely a quality of one particular kind of wealth, -hard steel, -so the skill of a workman is not wealth, but merely a quality of another particular kind of wealth-skilled workman. Similarly, intelligence is not wealth, but an intelligent man is wealth. -from "Chapter I: Primary Definitions" 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. AUTHOR BIO: 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).
Original narratives of the voyages of Columbus: Articles of agreement between the lords, the Catholic sovereigns, and Christaobal Colon. Title granted by the Catholic sovereigns to Christaobal Colon of admiral, viceroy, and governor of the islands and mainland that may be discovered. Journal of the first voyage of Columbus. Letter from Columbus to Luis de Santangel. Letter from Columbus to Ferdinand and Isabella concerning the colonization and commerce of Espaanola. Letter of Dr. Chanca on the second voyage of Columbus. Narrative of the third voyage of Columbus as contained in Las Casas's history. Letter of Columbus to the nurse of Prince John. Letter of Columbus on the fourth voyage.