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The concept of money illusion, a recently resurrected phenomenon of behavioral economics, is a real fact of economic life, the potential role of which should no longer be dismissed. Despite money illusion being utterly suppressed by mainstream economists, small deviations from rationality, together with trends in behavioral economics, alleviate the denial of money illusion induced by the rational expectations revolution. This book argues that money illusion seems to be a ubiquitous phenomenon, affecting various areas such as financial markets, housing markets, labor markets, consumption-saving decisions, and even development at the aggregate level induced by coordination issues. Furthermore, in light of the educational efforts of central banks and other institutions, it is worth considering whether solid economic training would provide guidance for the public regarding their decision-making and thereby alleviate the effects of money illusion. The emerging field of experimental economics provides a unique opportunity for us to verify the presence of money illusion. Specifically, attention is devoted to the experimental investigation of reduction in the direct and indirect effects of money illusion with respect to the level of economic literacy acquired through economic education. Economic Literacy and Money Illusion will be of interest to the general audience and to those who are interested in behavioral economics, economics education, and experimental economics, as well as to policy makers and institutions. Last but not least, it will help develop students’ interest in alternative economic theories. NB. The research and writing of this book was made possible with the support of the University of Economics, Prague, Faculty of Economics, Department of Economics.
Financial literacy and financial education are not new topics, even though interest in these topics among policymakers, financial authorities, and academics continues to grow. The Routledge Handbook of Financial Literacy provides a comprehensive reference work that addresses both research perspectives and practical applications to financial education. This is the first volume to summarize the milestones of research in financial literacy from multiple perspectives to offer an overview. The book is organized into six parts. The first three parts provide a conceptual framework, which discusses what financial literacy is, how it should be measured, and explains why it represents a relevant topic and effective tool in enhancing decision-making among consumers as well as consumer protection strategies. Part IV addresses the connection between financial education and financial literacy, with chapters about financial education in school settings as well as for adults. This part includes an analysis of the role of Fintech and the use of gamification in financial education. Part V is a collection of contributions that analyze financial literacy and financial education around the world, with a focus on geographical areas including the U.S., South America, Western Europe, Eastern Europe, Asia, and Africa. This part also considers how financial literacy should be addressed in the case of Islamic finance. The concluding part of the book examines how financial literacy is related to other possible approaches to consumer finance and consumer protection, addressing the relationships between financial literacy and behavioral economics, financial well-being, and financial inclusion. This volume is an indispensable reference for scholars who are new to the topic, including undergraduate and graduate students, and for experienced researchers who wish to enrich their knowledge, policymakers seeking a broader understanding and an international perspective, and practitioners who seek knowledge of best practices as well as innovative approaches.
Developing personal financial skills and improving financial literacy are fundamental aspects for managing money and propelling a bright financial future. Considering life events and risks that unexpectantly present themselves, especially in the light of recent global events, there is often an uncertainty associated with financial standings in unsettled times. It is important to have personal finance management to prepare for times of crisis, and personal finance is something to be thought about in everyday life. The incorporation of financial literacy for individuals is essential for a decision-making process that could affect their financial future. Having a keen understanding of beneficial and detrimental financial decisions, a plan for personal finances, and personalized goals are baselines for money management that will create stability and prosperity. In a world that is rapidly digitalized, there are new tools and technologies that have entered the sphere of finance as well that should be integrated into the conversation. The latest methods and models for improving financial literacy along with critical information on budgeting, saving, and managing spending are essential topics in today’s world. The Research Anthology on Personal Finance and Improving Financial Literacy provides readers with the latest research and developments in how to improve, understand, and utilize personal finance methodologies or services and obtain critical financial literacy. The chapters within this essential reference work will cover personal finance technologies, banking, investing, budgeting, saving, and the best practices and techniques for optimal money management. This book is ideally designed for business managers, financial consultants, entrepreneurs, auditors, economists, accountants, academicians, researchers, and students seeking current research on modern advancements and recent findings in personal finance.
This Handbook presents in-depth research conducted on a myriad of issues within the field of financial literacy. Split into six sections, it starts by presenting prevalent conceptions of financial literacy before covering financial literacy in the policy context, the state and development of financial literacy within different countries, issues of assessment and evaluation of financial literacy, approaches to teaching financial literacy, and teacher training and teacher education in financial literacy. In doing so, it provides precise definitions of the construct of financial literacy and elaborates on the state and recent developments of financial literacy around the world, to show ways of measuring and fostering financial literacy and to give hints towards necessary and successful teacher trainings. The book also embraces the diversity in the field by revealing contrasting and conflicting views that cannot be bridged, while at the same time making a contribution by re-joining existing materials in one volume which can be used in academic discourse, in research-workshops, in university lectures and in the definition of program initiatives within the wider field of financial literacy. It allows for a landscape of financial literacy to be depicted which would foster the implementation of learning opportunities for human beings for sake of well-being within financial living-conditions. The Handbook is useful to academics and students of the topic, professionals in the sector of investment and banking, and for every person responsible for managing his or her financial affairs in everyday life.
Turkey has experienced growth in both the population and the workforce. However, female participation in the workforce in Turkey is extremely low, largely due to financial dependency and lack of higher education. The authors argue that greater research is needed to improve the economic position of women throughout the country, and this remains a challenge that must be fixed both culturally and socioeconomically. The book explores the significant gap between policy advancements, actual practices, and the impact of regional variety in the cultural structure. The authors suggest that this in turn has affected Turkey’s ability to implement changes and reform. Reform must allow women to pursue changes that will give them greater financial flexibility and freedom within the country. The authors demonstrate the concept and framework for women’s empowerment and explore the need for this. This book seeks to discuss the approaches and strategies for empowering women by outlining the strategies, policies and tools that women are using for their empowerment focusing on Turkey while comparing with other countries worldwide. It also brings several issues to the forefront such as equality treatment, political participation, social issues, the gender pay gap, the glass ceiling and gender (in)equality, the migration effect and education. Offering a multi-disciplinary exploration of the relationship and connection between employment, national policies, migration economies, entrepreneurialism and gender in present Turkey, this book is an invaluable contribution to the existing literature surrounding Turkish gender studies and will be of interest to both scholars and experts in the field.
This pandemic does not only affect health aspects but also economic aspects. The world today faces a recession resulting from the covid-19 pandemic. Indonesia's economy continues to lead to a recovery, although not very significant. The current government continues to make various recovery efforts. One of the flagship programs includes encouraging and strengthening support for social protection and increasing the purchasing power of households as well as various business sectors, including small and medium-sized micro enterprises (MSMEs). This condition urges the world to create new breakthroughs to rise from this adversity. Academicians and practitioners need to work together to find the necessary solutions and developments. Surely, it will contribute to solve the problems in society by interdisciplinary cooperation. This collaboration will create innovations in science and technology especially business and economic field. This book includes in-depth discussions between academicians and practitioners, especially on how to strengthen the regional sectors to be the strong pillars of the country’s economy. Interestingly, various methods are used to observe the problems, to explore the solutions, and to develop the innovation. This book will be of interest to students, scholars, and practitioners of social empowerment, governance, and other related stakeholders. The Open Access version of this book, available at http://www.taylorfrancis.com, has been made available under a Creative Commons [Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND)] 4.0 license. Funded by State University of Malang.
With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day. Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication.
What is Economy A region that engages in the production, distribution, and trading of commodities and services, in addition to their consumption, is referred to as an economy. In a broader sense, it is understood to be a social domain that places an emphasis on the activities, discourses, and material representations that are linked with the production, use, and management of limited resources. An economy is a set of processes, the primary factors of which include that economy's culture, values, education, technological advancement, history, social organization, political structure, legal systems, and natural resources. These variables are all intertwined. These elements provide the framework, determine the nature of the content, and provide the conditions and parameters under which an economy operates. To put it another way, the economic sphere is a social realm consisting of human acts and transactions that are interconnected with one another and do not exist in isolation. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Economy Chapter 2: Capitalism Chapter 3: Economy of Ethiopia Chapter 4: Economy of Germany Chapter 5: Gross domestic product Chapter 6: Tertiary sector of the economy Chapter 7: Industrialisation Chapter 8: World economy Chapter 9: Economic system Chapter 10: Government spending Chapter 11: National accounts Chapter 12: Economy of India Chapter 13: Transition economy Chapter 14: Circular flow of income Chapter 15: Economic history of India Chapter 16: Production in economics Chapter 17: Financialization Chapter 18: Growth accounting Chapter 19: Economic liberalisation in India Chapter 20: Socialist economics Chapter 21: Macroeconomics (II) Answering the public top questions about economy. (III) Real world examples for the usage of economy in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of economy Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of economy.
Are people ready to take pivotal financial decisions like choosing a mortgage, saving for retirement, or investing their savings? How does the degree of knowledge about financial products and services affect the quality of their choices? Can financial fraud be prevented by increasing consumer financial knowledge? Financial Literacy in Europe addresses these important questions and more. In the first part, the author investigates the concept of financial literacy by analyzing its components and comparing different definitions from previous studies. This then forms a comprehensive measure of financial literacy to be applied in empirical studies that analyze the role of financial literacy in explaining consumers’ financial behaviors. In the second part of the study, the author uses brand new data collected by the Consumer Finance Research Center (CFRC) from several European countries (the UK, Germany, France, Italy, Sweden, and Spain) to assess financial literacy in Europe and highlight similarities and differences across countries. Filling an important gap in previous research, the author develops a rigorous approach in the measurement of financial literacy in order to examine European financial literacy issues in great detail. This book, therefore, is a useful resource for assessing the effectiveness of single financial education programs or planning national strategies on financial education. It can also support policy makers in developing financial regulation and consumer protection strategies, considering the consumer perspective and their ability to deal with financial markets and institutions.
This new volume of the International Symposia in Economic Theory and Econometrics explores the latest economic and financial developments in Asia.