Эффект Веблена, Предельная Полезность Денег И Денежная Иллюзия
[Veblen effect, marginal utility of money, and money illusion]
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.
|Date of creation:||Sep 2013|
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- Richard Layard & Guy Mayraz & Stephen J. Nickell, 2007. "The Marginal Utility of Income," SOEPpapers on Multidisciplinary Panel Data Research 50, DIW Berlin, The German Socio-Economic Panel (SOEP).
- repec:fth:oxesaf:99-12 is not listed on IDEAS
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- Malakhov, Sergey, 2013. "Money flexibility and optimal consumption-leisure choice under price dispersion," MPRA Paper 45197, University Library of Munich, Germany.
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