Gary Belsky Quotes

The Notion Of Mental Accounts Is Absent In Traditional Economic Theory, Which Holds That Wealth In General, And Money In Particular, Should Be Fungible: That Is, $100 In Roulette Winnings, $100 In Salary, And A $100 Tax Refund Should Have The Same Significance And Value To You, Since Each C-note Could Buy The Same Number Of Downloads From ITunes Or The Same Number Of Burgers At McDonald's. Likewise, $100 Kept Under The Mattress Should Invoke The Same Feelings Or Sense Of Wealth As $100 In A Bank Account Or $100 In U.S. Treasury Securities (ignoring The Fact That Money In The Bank, Or In T-bills, Is Safer Than Cash Under The Bed). If Money And Wealth Are Fungible, There Should Be No Difference In The Way We Spend Gambling Winnings Or Salary.

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