The Guidance Of An Enterprise Economy

Hardcover | September 23, 2016

byMartin Shubik, Eric Smith

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This book offers a rigorous study of control, guidance, and coordination problems of an enterprise economy, with attention to the roles of money and financial institutions. The approach is distinctive in drawing on game theory, methods of physics and experimental gaming, and, more generally, a broader evolutionary perspective from the biological and behavioral sciences. The proposed theory unites Walrasian general equilibrium with macroeconomic dynamics and Schumpeterian innovation utilizing strategic market games. Problems concerning the meaning of rational economic behavior and the concept of solution are noted.

The authors argue that process models of the economy can be built that are consistent with the general equilibrium system but become progressively more complex as new functions are added. Explicit embedding of the economy within the framework of government and society provides a natural, both formal and informal, control system.

The authors describe how to build and analyze multistate models with simple assumptions about behavior, and develop a general modeling methodology for the construction of models as playable games.

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This book offers a rigorous study of control, guidance, and coordination problems of an enterprise economy, with attention to the roles of money and financial institutions. The approach is distinctive in drawing on game theory, methods of physics and experimental gaming, and, more generally, a broader evolutionary perspective from the ...

Martin Shubik is Seymour Knox Professor of Mathematical Institutional Economics (Emeritus) at Yale University's Cowles Foundation and School of Management. He is the author of the three-volume work The Theory of Money and Financial Institutions (MIT Press) and other books. Eric Smith is Professor and Principal Investigator at the Eart...

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Format:HardcoverDimensions:592 pages, 9 × 6 × 1 inPublished:September 23, 2016Publisher:The MIT PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0262034638

ISBN - 13:9780262034630

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General equilibrium theory provides our deepest insights into how an economy is structured. But it takes as given the institutions and processes by which an equilibrium can be reached. Shubik and Smith's book fills both these gaps, creatively and elegantly. They show that in any attempt to reinterpret general equilibrium as a process model institutions must emerge. Brilliant and important work!