Overview
"The third and last volume of a work aimed at providing the theoretical underpinnings for an economic dynamics. This is the third and last volume of Martin Shubik's exposition of his vision of ""mathematical institutional economics""—a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using strategic market games and other game-theoretic methods. There is as yet no general dynamic counterpart to the elegant and mathematically well-developed static theory of general equilibrium. Shubik's paradigm serves as an intermediate step between general equilibrium and full dynamics. General equilibrium provides valuable insights on relationships in a closed, friction-free economic structure. Shubik aims to open up this limited structure to the rich environment of sociopolitical economy without dispensing with conceptual continuity. Volume 3 considers the specific roles of financial institutions and government, aiming to provide the link between the abstract study of invariant economic and financial functions and the ever-changing institutions that provide these functions. The concept of minimal financial institutions is stressed as a means to connect function with form in a parsimonious manner."
Full Product Details
Author: Martin Shubik (Yale University)
Publisher: MIT Press Ltd
Imprint: MIT Press
Dimensions:
Width: 15.20cm
, Height: 2.90cm
, Length: 22.90cm
Weight: 1.043kg
ISBN: 9780262013208
ISBN 10: 0262013207
Pages: 680
Publication Date: 21 January 2011
Recommended Age: From 18 years
Audience:
College/higher education
,
Professional and scholarly
,
Postgraduate, Research & Scholarly
,
Professional & Vocational
Format: Hardback
Publisher's Status: No Longer Our Product
Availability: In Print
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Reviews
Martin Shubik is co-inventor of the 'market game' the best general equilibrium model of imperfect competition, the obvious link between GE theory and game theory, and a useful platform for evaluating the roles of money, credit, and banking. This is the third in an ambitious series of books on a very timely subject. Like the others, this one is marked by Shubik's deep insights derived from market games, combined with his broad understanding of economic theory and institutions.
Author Information
Martin Shubik is Seymour Knox Professor of Mathematical Institutional Economics (Emeritus) at Yale University's Cowles Foundation and School of Management. He is the author of the three-volume work The Theory of Money and Financial Institutions (MIT Press) and other books. He is External Faculty of the Santa Fe Institute.
