It is daft to report that Apple is now the biggest company in history by market capitalisation. At $850bn, dotcom-era Microsoft remains the record holder in today’s money. But those ignoring the effect of inflation are unwittingly at the centre of a long-running academic debate with contemporary implications for how monetary policy could help create jobs. This debate is over what economists call money illusion.
若憑蘋果公司(Apple)的市值，就稱它爲史上最大公司，這是愚蠢的。網路泡沫時代的微軟，按今天的貨幣來算市值達8500億美元，仍是記錄保持者。但那些無視通膨影響的人，在不經意間置身於一場長期學術辯論的中心，這場辯論對貨幣政策如何有助於創造就業具有當代影響。這一辯論的核心是經濟學家們所謂的貨幣幻覺。
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