The Theory of Money and Financial Institutions : Volume 3 Paperback / softback
Part of the The MIT Press series
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.
- Format: Paperback / softback
- Pages: 680 pages, 22 figures, 64 tables; 86 Illustrations, unspecified
- Publisher: MIT Press Ltd
- Publication Date: 24/08/2012
- Category: Econometrics
- ISBN: 9780262518031