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Welcome to my blog, Money\u00a0Illusion – People think of money in nominal terms ie what is its face value ( say ten thousand rupees ) rather than what it can buy in real terms. \u00a0Fiat Money ( ie money created by governments has no inherent value except as \u00a0a medium of exchange) is never nominal but real, ie \u00a0as a medium of exchange what it can buy one day to another keeps varying rapidly. \u00a0Most economists tell us that people make rational decisions but it is not so. Experiments have shown that people generally perceive a 2% cut in salary \u00a0as unfair, but see a 2% rise in salary when \u00a0inflation is 4% as fair, despite them being almost rational equivalents.<\/p>\n
When researchers asked people whether its better to get 2% raise with 4% inflation or 2% cut in salary with 0% inflation they found easily that both the choices are same but when asked \u00a0who would be happier \u00a0– they voted that the person who got raise would be !!.<\/p>\n