Эффект Веблена, предельная полезность денег и денежная иллюзия

Veblen effect, marginal utility of money, and money illusion

Sergey Malakhov

MPRA Paper from University Library of Munich, Germany

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.

Keywords: money flexibility; money illusion; Veblen effect; consumption-leisure choice (search for similar items in EconPapers)
JEL-codes: D11 D83 (search for similar items in EconPapers)
Date: 2013-09
New Economics Papers: this item is included in nep-upt
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https://mpra.ub.uni-muenchen.de/51031/1/MPRA_paper_51031.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:51014

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