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The Theory of Money and Financial Institutions : Volume 1 - Martin Shubik

The Theory of Money and Financial Institutions

Volume 1

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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.

Industry Reviews

"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." - Rabah Amir, Journal of Institutional and Theoretical Economics"

Prefacep. ix
Introduction and Backgroundp. 3
The Basic Financial Instruments of an Economyp. 31
Micro and Macrop. 63
General Equilibrium and Beyondp. 89
Exchange and Money
The Distribution of Resources, Trade, and Marketsp. 107
Trade Using a Commodity Moneyp. 147
Market Mechanisms with Simple Marketsp. 185
Auctions, Markets, and Trade Fairsp. 213
Trade with Gold, Credit, and Inside Moneyp. 233
Trade with Gold and Fractional Reservesp. 259
One-Period Trade with Fiat Moneyp. 281
Money, Credit, and Bankruptcyp. 321
Money as a Numeraire, Means of Payment, Store of Value, and Substitute for Individual Trustp. 365
Trade and Paperp. 383
Liquidity and the Velocity of Moneyp. 399
Referencesp. 429
Name Indexp. 441
Subject Indexp. 445
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780262693110
ISBN-10: 0262693119
Series: The MIT Press : Book 1
Audience: Professional
For Ages: 18+ years old
Format: Paperback
Language: English
Number Of Pages: 466
Published: 1st March 2004
Country of Publication: US
Dimensions (cm): 21.59 x 13.97  x 1.91
Weight (kg): 0.57

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