Эффект Веблена, Предельная Полезность Денег И Денежная Иллюзия
[Veblen effect, marginal utility of money, and money illusion]
AbstractThe 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 51014.
Date of creation: Sep 2013
Date of revision:
money flexibility; money illusion; Veblen effect; consumption-leisure choice;
Find related papers by JEL classification:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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