- Hardcover: 264 pages
- Publisher: Kessinger Publishing, LLC (July 25, 2007)
- Language: English
- ISBN-10: 0548124264
- ISBN-13: 978-0548124260
- Product Dimensions: 6 x 0.8 x 9 inches
- Shipping Weight: 1 pounds (View shipping rates and policies)
- Average Customer Review: 4.1 out of 5 stars See all reviews (8 customer reviews)
- Amazon Best Sellers Rank: #6,674,621 in Books (See Top 100 in Books)
Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your email address or mobile phone number.
The Money Illusion
Use the Amazon App to scan ISBNs and compare prices.
Customers Who Viewed This Item Also Viewed
More About the Author
Top Customer Reviews
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.Read more ›
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.
For anyone just getting inmersed in economic theory the book explains very clearly in lay terms how to make sense of general price changes in the economy and how this affects the purchasing power of any given currency. Elementary principles of what causes price changes back then are still valid today and so the book is a good source of knowledge in explaining this phenomenon. Alternatives available to the investor are suggested as to where to invest his/her money to minimize the erosion in purchasing power.
Most Recent Customer Reviews
I wasn't able to read the book completely. But from a few pages I could figure out the same problem as in most books about money: Not a single clue about "what money is". Read morePublished 5 months ago by GLEN CANESSA Vicencio