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 University 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. -- David Colander, Distinguished College Professor, Middlebury College; author of Complexity and the Art of Public Policy 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! -- W. Brian Arthur, External Professor, Santa Fe Institute
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.
Eric Smith is Professor and Principal Investigator at the
Earth-Life Science Institute in Tokyo and Research Professor at
George Mason University's Krasnow Institute for Advanced Study. He
is the coauthor of Symmetry and Collective Fluctuations in
Evolutionary Games andThe Origin and Nature of Life on Earth. He is
External Faculty of the Santa Fe Institute.
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