Meaning of money illusion | Babel Free
Definitions
The cognitive bias that leads people to think of money in nominal rather than real terms, mistaking its face value for its purchasing power at some point in time.
Examples
“In respect⟳ to our present⟳ problem, while there is a great field for research⟳, the only perturbing influence⟳ of transcendent importance is that of an unstable monetary standard, and, as was seen in Chapter II, even that would make⟳ nothing more than a nominal difference in the results if it were not for the “money illusion.””
CEFR level
B2
Upper Intermediate
This word is part of the CEFR B2 vocabulary — upper intermediate level.
This word is part of the CEFR B2 vocabulary — upper intermediate level.
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