Question
Download Solution PDFWho gave the concept of 'money illusion' for the first time?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Irving Fisher.Key Points
- Irving Fisher gave the concept of 'money illusion' for the first time.
- Money illusion refers to the tendency of people to think in nominal terms rather than real terms.
- For example, if a person's salary increases by 3% but inflation is also 3%, they may think they have received a raise when in reality their purchasing power has not changed.
Additional Information
- Adam Smith is known for his work on economics.
- He is often referred to as the father of modern economics.
- JM Keynes was a renowned economist.
- He is known for his theories on macroeconomics and the role of government in managing the economy.
- Robertson was an economist who contributed to the development of monetary theory.
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