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Historia y diversidad. Un ensayo de filosofía económica

Author

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  • Juan Urrutia

    (Universidad Carlos III de Madrid)

Abstract

This article examines the philosophical implications of the use of some recent ideas in the Game Theory to the problem of the Autonomy of a Central Bank. The fact that the Autonomy of the Central Bank is not the only possible solution to the problem of the inflationary bias in an economic policy game between Government and Unions is expounded in the substantive part of the article. This inflationary bias may also disappear i) either because rationality, unlimited as it is, is not a matter of common knowledge within a dynamic version (in virtual time) of the game, ii) or because in an evolutionary version in real time (with a small limit attributed to rationality), the equilibrium of the game may not coincide with the Nash equilibrium. A philosophical reading of this problem, or other similar problems, allow us to appreciate the fact that Diversity is not contrary to the Universality of reason and that History may conform a legitimate explanation.

Suggested Citation

  • Juan Urrutia, 1996. "Historia y diversidad. Un ensayo de filosofía económica," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 35(02), pages 136-145.
  • Handle: RePEc:ekz:ekonoz:1996206
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    More about this item

    Keywords

    Teoría de juegos; inflación; equilibrio; pensamiento económico;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • R13 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General Equilibrium and Welfare Economic Analysis of Regional Economies

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