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The Theory of Money and Financial Institutions, Volume 3

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  • Shubik, Martin

    ()
    (Yale University)

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    Abstract

    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 1 of this work deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multiperiod finite- and infinite-horizon economies. 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.

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    Bibliographic Info

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    This book is provided by The MIT Press in its series MIT Press Books with number 0262518031 and published in 2012.

    Volume: 3
    Edition: 1
    ISBN: 0-262-51803-1
    Handle: RePEc:mtp:titles:0262518031

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    Web page: http://mitpress.mit.edu

    Related research

    Keywords: econometrics; statistical methods; finance; financial institutions;

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