Economic Literacy and Money Illusion

An Experimental Perspective

Business & Finance, Economics, Theory of Economics
Cover of the book Economic Literacy and Money Illusion by Helena Chytilova, Taylor and Francis
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Helena Chytilova ISBN: 9781315304458
Publisher: Taylor and Francis Publication: July 14, 2017
Imprint: Routledge Language: English
Author: Helena Chytilova
ISBN: 9781315304458
Publisher: Taylor and Francis
Publication: July 14, 2017
Imprint: Routledge
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Taylor and Francis

Cover of the book Health Care Reform and Globalisation by Helena Chytilova
Cover of the book South African Homelands as Frontiers by Helena Chytilova
Cover of the book English Dramatick Opera, 1661–1706 by Helena Chytilova
Cover of the book Routledge International Handbook of Consumer Psychology by Helena Chytilova
Cover of the book The Consumer Society by Helena Chytilova
Cover of the book Architectures of Hurry—Mobilities, Cities and Modernity by Helena Chytilova
Cover of the book Theory and Practice in the History of European Expansion Overseas by Helena Chytilova
Cover of the book Ecology, Community and Delight by Helena Chytilova
Cover of the book The Art of Science in the Canadian Justice System by Helena Chytilova
Cover of the book Approval Plans by Helena Chytilova
Cover of the book Reporting at the Southern Borders by Helena Chytilova
Cover of the book Globalization and Development by Helena Chytilova
Cover of the book Building a Community of Self-Motivated Learners by Helena Chytilova
Cover of the book Historical Theory by Helena Chytilova
Cover of the book Understanding Development Economics by Helena Chytilova
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy