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Innovation and Equilibrium?

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  • Martin Shubik

Abstract

This Companion provides a timely and engaging treatment of Hyman Minsky’s approach to economics, which is enjoying a renewed appreciation because of its prescient analysis of the slow but sure transformation of the capitalist economy in the post-war period. Many have called the global financial crisis that began in the United States in 2007 a ‘Minsky crisis’, and these original contributions demonstrate precisely why both academic economists as well as policymakers have turned to Minsky for guidance. The book brings together the foremost Minsky scholars to provide a comprehensive overview of his approach, with extensions to bring the analysis up to date.
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Suggested Citation

  • Martin Shubik, 2009. "Innovation and Equilibrium?," Levine's Working Paper Archive 814577000000000151, David K. Levine.
    • Handle: RePEc:cla:levarc:814577000000000151
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    File URL: http://www.dklevine.com/archive/refs4814577000000000151.pdf
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    References listed on IDEAS

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    1. Sorin, Sylvain, 1996. "Strategic Market Games with Exchange Rates," Journal of Economic Theory, Elsevier, vol. 69(2), pages 431-446, May.
    2. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-131, March.
    3. Martin Shubik, 1977. "A Theory of Money and Financial Institutions," Cowles Foundation Discussion Papers 462, Cowles Foundation for Research in Economics, Yale University.
    4. Juergen Huber & Martin Shubik & Shyam Sunder, 2007. "Three Minimal Market Games: Theory and Experimental Evidence," Levine's Bibliography 122247000000001480, UCLA Department of Economics.
    5. Martin Shubik, 1972. "A Theory of Money and Financial Institutions. Part V. The Rate of Interest on Fiat Money in a Closed Economy," Cowles Foundation Discussion Papers 338, Cowles Foundation for Research in Economics, Yale University.
    6. Gode, Dhananjay K & Sunder, Shyam, 1993. "Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 119-137, February.
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    8. Sahi, Siddhartha & Yao, Shuntian, 1989. "The non-cooperative equilibria of a trading economy with complete markets and consistent prices," Journal of Mathematical Economics, Elsevier, vol. 18(4), pages 325-346, September.
    9. Lucas, Robert E, Jr, 1980. "Equilibrium in a Pure Currency Economy," Economic Inquiry, Western Economic Association International, vol. 18(2), pages 203-220, April.
    10. Huber, Juergen & Shubik, Martin & Sunder, Shyam, 2007. "Three Minimal Market Institutions: Theory and Experimental Evidence," Working Papers 27, Yale University, Department of Economics.
    11. Martin Shubik, 1972. "A Theory of Money and Financial Institutions. Part IV. Fiat Money and Noncooperative Equilibrium in a Closed Economy," Cowles Foundation Discussion Papers 330, Cowles Foundation for Research in Economics, Yale University.
    12. Koopmans, Tjalling C, 1977. "Concepts of Optimality and Their Uses," American Economic Review, American Economic Association, vol. 67(3), pages 261-274, June.
    13. Daniel Ellsberg, 1961. "Risk, Ambiguity, and the Savage Axioms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 75(4), pages 643-669.
    14. Huber, Juergen & Shubik, Martin & Sunder, Shyam, 2010. "Three minimal market institutions with human and algorithmic agents: Theory and experimental evidence," Games and Economic Behavior, Elsevier, vol. 70(2), pages 403-424, November.
    15. Martin Shubik, 1972. "A Theory of Money and Financial Institutions. Part VII. Money, Trust and Equilibrium Points in Games in Extensive Form," Cowles Foundation Discussion Papers 331, Cowles Foundation for Research in Economics, Yale University.
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    1. Lou, Weifang & Prentice, David & Yin, Xiangkang, 2008. "The Effects of Product Ageing on Demand: The Case of Digital Cameras," MPRA Paper 13407, University Library of Munich, Germany.

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    More about this item

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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