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Product Details
ISBN-13: | 9780262546775 |
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Publisher: | MIT Press |
Publication date: | 11/01/2022 |
Pages: | 592 |
Product dimensions: | 6.00(w) x 9.00(h) x (d) |
About the Author
What People are Saying About This
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 reinterpretgeneral equilibrium as a process model institutions must emerge.Brilliant and important work!
This is a landmark volume. The primary lacuna in integrating microeconomics and macroeconomics has been the failure to reconcile general equilibrium theory with monetary theory. This book represents the first modern attempt to provide an intellectual framework in which money appears naturally in the various market institutions.
J. M. Keynes once said that a master economist must be a mathematician, historian, statesman, and philosopher, must understand symbols and speak in words, must contemplate the particular in terms of the general, and must touch abstract and concrete in the same flight of thought. Martin Shubik and Eric Smith are master economists. Their book is a masterful presentation blending theory and practice in imaginative ways.
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 reinterpretgeneral equilibrium as a process model institutions must emerge.Brilliant and important work!
W. Brian Arthur, External Professor, Santa Fe Institute
This is a landmark volume. The primary lacuna in integrating microeconomics and macroeconomics has been the failure to reconcile general equilibrium theory with monetary theory. This book represents the first modern attempt to provide an intellectual framework in which money appears naturally in the various market institutions.
E. Roy Weintraub, Professor of Economics, Duke UniversityJ. M. Keynes once said that a master economist must be a mathematician, historian, statesman, and philosopher, must understand symbols and speak in words, must contemplate the particular in terms of the general, and must touch abstract and concrete in the same flight of thought. Martin Shubik and Eric Smith are master economists. Their book is a masterful presentation blending theory and practice in imaginative ways.
David Colander, Distinguished College Professor, Middlebury College; author of Complexity and the Art of Public PolicyGeneral 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!
W. Brian Arthur, External Professor, Santa Fe Institute