But exactly how inflation is hurting, helping and confusing people is hard to understand.
There’s a fancy name for the common human failure to see past the gaudy prices largely created by inflation.
This widespread inability to recognize what money is really worth is known as money illusion.
Irving Fisher, a Yale economist, wrote a book about it nearly a century ago.
But their insights tend to be forgotten when prices are fairly stable, as they were in the United States until three years ago.
Persons:
you’re, Irving Fisher, John Maynard Keynes
Organizations:
Yale
Locations:
British, United States