The Theory of Money and Financial Institutions (Volume 2)
| Author | : | |
| Rating | : | 4.67 (681 Votes) |
| Asin | : | B004JZWZ96 |
| Format Type | : | paperback |
| Number of Pages | : | 384 Pages |
| Publish Date | : | 0000-00-00 |
| Language | : | English |
DESCRIPTION:
The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy.Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. Volu
He is the author of the three-volume work The Theory of Money and Financial Institutions (MIT Press) and other books. . He is External Faculty of the Santa Fe Institute. Martin Shubik is Seymour Knox Professor of Mathematical Institutional Economics (Emeritus) at Yale University's Cowles Foundation and School of Ma
Overall, these two volumes form a unique blend of high theory and institutional economics, with very creative links between the two. ""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. The whole makes for stimulating, provocative, and enjoyable reading for a broad audience of economists and social scientists."