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Author: Scott Sumner Publisher: University of Chicago Press ISBN: 0226826562 Category : Business & Economics Languages : en Pages : 415
Book Description
The first book-length work on market monetarism, written by its leading scholar. Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century. Foregoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.
Author: Scott Sumner Publisher: University of Chicago Press ISBN: 0226826562 Category : Business & Economics Languages : en Pages : 415
Book Description
The first book-length work on market monetarism, written by its leading scholar. Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century. Foregoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.
Author: Irving Fisher Publisher: Simon and Schuster ISBN: 1627939997 Category : Business & Economics Languages : en Pages : 152
Book Description
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
Author: Helena Chytilova Publisher: Routledge ISBN: 1315304457 Category : Business & Economics Languages : en Pages : 212
Book Description
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.
Author: B. Agarwal Publisher: Springer ISBN: 0230522343 Category : Business & Economics Languages : en Pages : 281
Book Description
Economics has paid little attention to the psychology of economic behaviour, leading to somewhat simplistic assumptions about human nature. The psychological aspects have typically been reduced to standard utility theory, based on a narrow conception of rationality and self-interest maximization. The contributions in this volume, some focused on analytical models and methodology, others on laboratory and field experiments, challenge these assumptions, and provide novel and complex understandings of human motivation and economic decision-making. With a pioneering introduction by the book's two editors, this volume brings together exciting contributions to a field that is rapidly growing in influence and reach.
Author: George A. Akerlof Publisher: Princeton University Press ISBN: 1400834724 Category : Business & Economics Languages : en Pages : 261
Book Description
From acclaimed economists George Akerlof and Robert Shiller, the case for why government is needed to restore confidence in the economy The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government—simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life—such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes—and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits—the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time—unless we are prepared to take further, decisive action.
Author: Kyle Cease Publisher: Hay House, Inc ISBN: 1401957463 Category : Business & Economics Languages : en Pages : 193
Book Description
New York Times best-selling author and comedian-turned-motivational speaker, Kyle Cease, shows how your obsession with money is actually preventing you from living the life of your dreams. "I can't afford that." "Now's not the right time . . . I need to save up." "Quit my job? Are you nuts?!" Sound familiar? Money is one of the biggest excuses we make to not go after what we really want. Our fixation with money--the desire for more of it, and the fear of not having enough of it--is often really just a longing to feel safe. But this obsession with money is coming at a much bigger cost: our sanity, our creativity, our freedom, and our ability to step into our true power. This book is about eliminating the need to seek safety through the illusion of money, and learning to see ourselves for the perfection that we are--so that we can bring our gifts to the world in an authentic way, and allow ourselves to receive massive, true abundance as a result. Kyle Cease has heard excuses like the ones above countless times at his live events, and he has shown people how to completely break through them. In The Illusion of Money, he shares his own experiences as well as practical tools to help readers understand their ingrained beliefs and attachments to money, and how they can tap into our infinite assets and talents. "After 25 years as a successful comedian, actor, transformational speaker, author and junior-league amateur bowler, I've experienced many times how chasing money is not an effective way to create an abundant and fulfilling life. The most alive I've ever felt was after I left my comedy career at its peak to become a transformational speaker. I left tons of guaranteed money and so-called security for a complete unknown. It was terrifying--but what was on the other side of that terror was a completely different life that is not only more abundant financially, but has more freedom, more ease, more passion, more impact and more joy." -- Kyle Cease
Author: Eyja M. Brynjarsdóttir Publisher: Rowman & Littlefield ISBN: 1783482370 Category : Philosophy Languages : en Pages : 165
Book Description
What is money and how does it acquire its value? How do we assign a measurable monetary value to human goods that do not seem quantifiable? What role does money play in the structure of society? Is money an illusion or is it real? Despite the enormous impact of money on the structure of human society, as well as its effect on our daily decision-making, surprisingly little philosophical work has been done on money to date. This book examines the metaphysical foundations of money as well as the power structures that characterize the world of finance, connecting the ontology of money to considerations about inequality and other real-life issues. By throwing light on the metaphysical structure of money and financial value, Eyja M. Brynjarsdóttir seeks to further the philosophical discussion of money and contribute to a broader critique of the monetary system.
Author: Gary Belsky Publisher: Simon and Schuster ISBN: 1439169748 Category : Business & Economics Languages : en Pages : 343
Book Description
Protect and grow your finances with help from this definitive and practical guide to behavioral economics—revised and updated to reflect new economic realities. In their fascinating investigation of the ways we handle money, Gary Belsky and Thomas Gilovich reveal the psychological forces—the patterns of thinking and decision making—behind seemingly irrational behavior. They explain why so many otherwise savvy people make foolish financial choices: why investors are too quick to sell winning stocks and too slow to sell losing shares, why home sellers leave money on the table and home buyers don’t get the biggest bang for their buck, why borrowers pay too much credit card interest and savers can’t sock away as much as they’d like, and why so many of us can’t control our spending. Focusing on the decisions we make every day, Belsky and Gilovich provide invaluable guidance for avoiding the financial faux pas that can cost thousands of dollars each year. Filled with fresh insight; practical advice; and lively, illustrative anecdotes, this book gives you the tools you need to harness the powerful science of behavioral economics in any financial environment.
Author: Daniel Kahneman Publisher: Cambridge University Press ISBN: 1107651069 Category : Psychology Languages : en Pages : 864
Book Description
This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.
Author: Scott Sumner
Author: Scott Sumner
Author: Irving Fisher
Author: Helena Chytilova
Author: B. Agarwal
Author: George A. Akerlof
Author: 
Author: Kyle Cease
Author: Eyja M. Brynjarsdóttir
Author: Gary Belsky
Author: Daniel Kahneman