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Who Gets What, When, How" Power, Organization, Markets, Money and the Allocation of Resources

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Abstract

Money is a mystery and financial institutions are often regarded as guardians and promoters of the mystery. These sketches are designed to help an individual interested in, but not technically trained in economics, understand markets, money, credit and the evolution of a mass market system embedded in the rich context of its political environment and society. The efficient functioning of a dynamic economy requires the presence of money and financial institutions. The great variety of financial institutions in any advanced economy requires that a synthetic approach is used to understand what the whole looks like. Verbal description provides an overarching view of the mixture of history, law, philosophy, social mores, and political structure that supplies the context for the functioning of the economy. This has been vividly illustrated by Adam Smith, his teacher the Reverend Francis Hutcheson and his close friend David Hume. There are two different but highly allied themes in this single slim volume. Chapters 1, 2, and 3 supply the rich context of history, society, polity and law in which every economy is embedded. Chapters 12 and 13 sketch what might lie ahead given the current state of the world. These chapters require no symbols or technical depth. In contrast Chapters 4 to 11 offers a reasonably nontechnical exposition of some of the considerable development in formal economic theory pertaining to money and financial institutions as economics struggles towards emerging as a science, balancing quantitative measures with qualifications that help to explain what the numbers mean.

Suggested Citation

  • Martin Shubik, 2018. "Who Gets What, When, How" Power, Organization, Markets, Money and the Allocation of Resources," Cowles Foundation Discussion Papers 2118, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:2118
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    References listed on IDEAS

    as
    1. Shubik, Martin, 2008. "A note on fairness, power, property and behind the veil," Economics Letters, Elsevier, vol. 98(1), pages 29-30, January.
    2. Viscusi, W Kip & Aldy, Joseph E, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," Journal of Risk and Uncertainty, Springer, vol. 27(1), pages 5-76, August.
    3. Viscusi, W Kip, 1993. "The Value of Risks to Life and Health," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1912-1946, December.
    4. Martin Shubik & J. Hoult Verkerke, 1989. "Open Questions in Defense Economics and Economic Warfare," Journal of Conflict Resolution, Peace Science Society (International), vol. 33(3), pages 480-499, September.
    5. Dubey, Pradeep & Sahi, Siddhartha & Shubik, Martin, 2018. "Money as minimal complexity," Games and Economic Behavior, Elsevier, vol. 108(C), pages 432-451.
    6. Jerome Bracken & Martin Shubik, 1993. "Worldwide Nuclear Coalition Games: A Valuation of Strategic Offensive and Defensive Forces," Operations Research, INFORMS, vol. 41(4), pages 655-668, August.
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    10. Chris Stringer, 2000. "Coasting out of Africa," Nature, Nature, vol. 405(6782), pages 25-27, May.
    11. Kip Viscusi, W. & Magat, Wesley A. & Huber, Joel, 1991. "Pricing environmental health risks: survey assessments of risk-risk and risk-dollar trade-offs for chronic bronchitis," Journal of Environmental Economics and Management, Elsevier, vol. 21(1), pages 32-51, July.
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    More about this item

    Keywords

    Evolution of money; Coordination; Division of labor;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory

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