The Theory of Money and Financial Institutions, Volume 1 (Mit Press) - Softcover

Shubik, Martin

Softcover

ISBN 10: 0262693119 ISBN 13: 9780262693110

Publisher: MIT Press, 2004

Synopsis

This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy.

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. 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. 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. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

About this title

About the Author:

Martin Shubik was Seymour Knox Professor of Mathematical Institutional Economics (Emeritus) at Yale University's Cowles Foundation and School of Management and the author of the three-volume work The Theory of Money and Financial Institutions (MIT Press) and other books. He was also External Faculty of the Santa Fe Institute.

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."

About this edition

• Publisher: MIT Press
• Publication date: 2004
• ISBN 10: 0262693119
• ISBN 13: 9780262693110
• Binding: Paperback
• Number of pages: 466