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Эффект Веблена, Предельная Полезность Денег И Денежная Иллюзия
[Veblen effect, marginal utility of money, and money illusion]

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  • Malakhov, Sergey

Abstract

The paper discovers microeconomic mechanism of Veblen effect as well as of Giffen case as results of the negative marginal utility of money. The marginal utility of consumption also becomes negative. The total consumption-leisure utility is increased due to the increase in leisure time. This overall effect results in the phenomenon of money illusion on the macroeconomic level. This general effect has deep historical and institutional grounds and, in order to minimize its disequilibrium economic consequences it needs more specific institutional regulation.

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File URL: http://mpra.ub.uni-muenchen.de/51014/
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File URL: http://mpra.ub.uni-muenchen.de/51031/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 51014.

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Date of creation: Sep 2013
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Handle: RePEc:pra:mprapa:51014

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Keywords: money flexibility; money illusion; Veblen effect; consumption-leisure choice;

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References

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  1. Sergey MALAKHOV, 2013. "Money Flexibility And Optimal Consumption-Leisure Choice Under Price Dispersion," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(1), pages 77-88, July.
  2. Shafir, Eldar & Diamond, Peter & Tversky, Amos, 1997. "Money Illusion," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 341-74, May.
  3. Omer Moav and & Zvika Neeman, 2012. "Saving Rates and Poverty: The Role of Conspicuous Consumption and Human Capital," Economic Journal, Royal Economic Society, vol. 122(563), pages 933-956, 09.
  4. Geeta G. Kingdon & John B. Knight, 1999. "Unemployment and wages in South Africa: A spatial approach," CSAE Working Paper Series 1999-12, Centre for the Study of African Economies, University of Oxford.
  5. Mark Aguiar & Erik Hurst, 2006. "Measuring trends in leisure: the allocation of time over five decades," Working Papers 06-2, Federal Reserve Bank of Boston.
  6. Stiglitz, Joseph E., 1982. "Self-selection and Pareto efficient taxation," Journal of Public Economics, Elsevier, vol. 17(2), pages 213-240, March.
  7. Francisco Alvarez-Cuadrado, 2006. "Envy, Leisure, And Restrictions On Working Hours," Departmental Working Papers 2006-01, McGill University, Department of Economics.
  8. Layard, R. & Mayraz, G. & Nickell, S., 2008. "The marginal utility of income," Journal of Public Economics, Elsevier, vol. 92(8-9), pages 1846-1857, August.
  9. Stiglitz, J E, 1979. "Equilibrium in Product Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 69(2), pages 339-45, May.
  10. repec:fth:oxesaf:99-12 is not listed on IDEAS
  11. Brock, William A., 1975. "A simple perfect foresight monetary model," Journal of Monetary Economics, Elsevier, vol. 1(2), pages 133-150, April.
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