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In this work Martin Shubik offers 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 that goes beyong general equilibrium theory. Using an approach that is neither Keynesian nor monetarist, Volume 1 describes the role of money and financial institutions in binding the economy to the polity and society. Volume 2 will extend the anlaysis to specific financial institutions and to government, while a separate volume, co-authored with Pradeep Dubey and John Geanakoplos, will develop the mathematical aspects of the theory of strategic market games. This work develops a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomic theory using, as its prime methodological tool, the theory of games in strategic and extensive form. Shubik's approach to economic dynamics involves the search for minimal financial institutions that appear as a logical, technological and institutional necessity, as part of the structure or "rules of the game" that define and give shape to economic life. In this approach money and financial institutions are revealed as means for transmitting the imperatives of sociopolitical purpose to the economy. The book stresses formal model building, but the level of the mathematics used is relatively elementary.
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Review:
"These two volumes, with a gestation period of over thirty years, represent a thorough synthesis of a lifelong dedication to bringing together general equilibrium theory and game theory in conceiving a theory of money and financial economics that would be an abstract reflection of observed financial institutions and actual trading behavior in advanced free-market economics.... Overall, these two volumes form a unique blend of high theory and institutional economics, with very creative links between the two. The whole makes for stimulating, provocative, and enjoyable reading for a broad audience of economists and social scientists." - Rabah Amir, Journal of Institutional and Theoretical Economics"
About the Author:
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 hundreds of scholarly articles and many books, including Game Theory in the Social Sciences, volumes 1 and 2 (MIT Press, 1982 and 1984) and the previous two volumes of The Theory of Money and Financial Institutions (MIT Press, 1999).
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- PublisherMIT Press
- Publication date1999
- ISBN 10 0262193442
- ISBN 13 9780262193443
- BindingHardcover
- Number of pages600
- Rating
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