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The Money Illusion, by Irving Fisher
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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
- Sales Rank: #626100 in eBooks
- Published on: 2015-06-10
- Released on: 2015-06-10
- Format: Kindle eBook
Most helpful customer reviews
27 of 28 people found the following review helpful.
Science goeth before the fall
By Yaakov (James) Mosher
If you want a succinct primer on money and inflation look no further. Irving Fisher (1867-1947) packs a load into 245 pages of "The Money Illusion." Especially helpful are the definitions of "absolute" and "relative" inflation. The two are usually found together, Fisher notes. This has lead to the dropping of the terms "absolute" and "relative" in latter-day discussions of inflation, resulting in much confusion.
Fisher is among the fathers of Monetarism and Neoclassical economics. We may add Supply-Side to the Yale University professor's progeny thanks to his vision of money as an inherently international issue. Fisher's articulation of a world economy lead by a Federal Reserve managing credit and inflation/deflation through the study of price indexes and directing nations adhering to a gold exchange standard sounds a good bit like the Supply-Side idea of using commodity indexes including gold as the major gauge of inflation.
If there are weaknesses in Fisher's teachings they might be classified under "Fed Worship" and "Scientism." The Federal Reserve creates an inflationary bias in the world's monetary system, Fisher rightly says. Consider this (p. 133): "This power (managing credit), rightly used, makes the Federal Reserve System the greatest public service institution in the world." Now consider the reverse of that. Fisher was forced to do so by the Great Depression that began the year after "The Money Illusion" was published. The Jan. 19, 1928 statement by Treasury Secretary Andrew Mellon, which Fisher includes in an appendix of quotations, should be pondered, especially by current-day folk tempted to view the Fed as a fountain of miracles.
Fisher's life and work are examples of how one era's progressives become the conservatives of later ones. The professor's emphasis on dollar stability and his finding that unbalanced government budgets are the leading cause of inflation would get him a chair at any of today's Republican friendly think tanks including the Hoover Institution (named after Fisher's interventionist friend Herbert Hoover). Yet we should remember Fisher was also a prophet of the new world order. During his times the U.S. was taking over world financial leadership from Great Britain. America's Industrial Revolution, began around the time of Fisher's birth, came into full bloom in the Roaring 20s with the start of mass production of automobiles, airplanes, and many other things we take for granted today. Fisher provided a great service by delving the implications of these developments. If I were to assign Fisher's contributions a place in the history of economic thought I would put them high up in the category of "anticipatory conservatism" along side those of his friend Joseph Schumpeter.
Yet "The Money Illusion" left me wondering if Fisher didn't fall into the trap well-encapsulated by F.A. Hayek's phrase "the misuse of knowledge." After all, what are prices? Can they be grouped into indexes that are then used to manage credit and make the monetary unit a deferred standard of payments? What is money? What is economics?
Suppose the naturalists like Hayek's teacher and colleague Ludwig von Mises are right. Does not building a mountain of "scientific" economics, undertaken sagely by Fisher and others with the best of intentions, set us up to fall further and harder than we otherwise would? Fisher's own life and experience with the Great Depression indicate that this may well be the case yet he admirably kept probing and finding new insights including a debt-deflation analysis very relevant to the Great Recession going on as I write this review.
"The Money Illusion" was written before Fisher's "fall," making it interesting on many levels. It is also a very approachable book, written in a worldly, tough-minded style. The title is provocative as are the book's contents. All this reminds us that in word and through deed, Irving Fisher was, above all, a great teacher.
2 of 2 people found the following review helpful.
The Birth of Monetarism....
By Gregory Alan Wingo
This book represents Fisher's seminal work on money and his recognition as the father of the economic school of Monetarism. In "The Money Illusion" he lays out the nature of money in a modern society and speaks to the false security of gold or any other standard to the "value" of money. He explains clearly the effects of deflation and inflation on currencies and emphasizes the importance of government and their monetary authorities in acting to stabilize their effects through responsible governance of the currency.
Fisher explains and advocates for the integration of the banking system into the Federal Reserve System specifically in the US and generally in all economies. He also recognize that the Fed is already acting as the primary counterbalance on the world economy in 1928 presaging Milton Friedman's critique of the Fed's behavior and incompetence in dealing with the Great Depression.
During the discussion on the gold standard Fisher while not rejecting it does illustrate that it will not provide stability and actually will become a limit as the economy outgrows the physical quantities available on the planet. If the currency is to have a gold basis then he advocates that production of gold should be as strongly regulated as the production of currency by governments and not be left in the hands of individuals or corporations.
The work clearly is the culmination of his early career as a neoclassical economist and lays the foundation for both Monetarism and his future work on debt deflation theory. It is a critical read for both neoclassical and heterodox followers of economics.
2 of 2 people found the following review helpful.
I Love Fisher's writing style but the topic wasn't broad enough
By Robert Kirk
The money illusion, AKA inflation and currency deflation, has been explained extremely well in this book but it's simply not the most interesting topic that Fisher has written about. He seemed to have to find too many examples to defend his case but it wasn't really necessary. He is a master of writing and explaining these complicated subject matters. This book simply isn't one of my favs of Fisher but it's a short book and the beginning of the book is the most valuable. In summary, well worth your time reading this very good book.
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