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Equilibrium and System Analysis in Economic Dynamics

Author

Listed:
  • Biondi Yuri

    (CNRS, University Paris Dauphine PSL (IRISSO), Paris, France)

Abstract

Many economic theories rely on equilibrium. Notwithstanding its widespread framing role, the very notion of equilibrium shows epistemic and methodological limits when confronted with space, time, human behaviour and institutions. A systemic perspective may upgrade equilibrium by considering the featuring roles of economic organisation (entity), money and accounting in the economic process. This article tributes to Martin Shubik’s scholarship and friendship by providing a systemic perspective on his last co-authored book with Eric Smith.

Suggested Citation

  • Biondi Yuri, 2019. "Equilibrium and System Analysis in Economic Dynamics," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 9(3), pages 1-10, December.
    • Handle: RePEc:bpj:aelcon:v:9:y:2019:i:3:p:10:n:3
    DOI: 10.1515/ael-2018-0027
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    References listed on IDEAS

    as
    1. Biondi Yuri, 2011. "Disagreement-Based Trading and Speculation: Implications for Financial Regulation and Economic Theory," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 1(1), pages 1-8, January.
    2. Yuri Biondi, 2008. "Schumpeter's Economic Theory and the Dynamic Accounting View of the Firm: Neglected Pages from the Theory of Economic Development," Post-Print hal-00406238, HAL.
    3. Yuri Biondi, 2005. "The firm as an Entity: Management, Organization, Accounting," Post-Print halshs-00203036, HAL.
    4. Geanakoplos, John & Karatzas, Ioannis & Shubik, Martin & Sudderth, William D., 2014. "Inflationary equilibrium in a stochastic economy with independent agents," Journal of Mathematical Economics, Elsevier, vol. 52(C), pages 1-11.
    5. Yuri Biondi & Feng Zhou, 2019. "Interbank credit and the money manufacturing process: a systemic perspective on financial stability," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(3), pages 437-468, September.
    6. Yuri Biondi & Arnaldo Canziani & Thierry Kirat, 2007. "The Firm as an Entity: Implications for Economics, Accounting, and the Law," Post-Print halshs-00203355, HAL.
    7. Biondi Yuri, 2018. "Banking, Money and Credit: A Systemic Perspective," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 8(2), pages 1-26, July.
    8. Martin Shubik & William D. Sudderth, 2012. "Cost Innovation: Schumpeter and Equilibrium. Part 2: Innovation and the Money Supply," Cowles Foundation Discussion Papers 1881, Cowles Foundation for Research in Economics, Yale University.
    9. Yuri Biondi, 2015. "Accounting and the formation of share market prices over time: a mathematical institutional economic analysis through simulation and experiment," Applied Economics, Taylor & Francis Journals, vol. 47(34-35), pages 3651-3672, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    economic organisation; money; accounting; minimal institution; economic theory;
    All these keywords.

    JEL classification:

    • B32 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Obituaries
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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