A Theory of Money and Financial Institutions. Part XI: Trade with Fiat Money But no Individual Trust. A Preliminary Stage Towards Banking,
Abstract
The paper contains several simple models which in some cases are worked out in detail. The paper is written in the belief that general equilibrium theory has more or less reached a dead end. The proof of the existence of a price system in a static, complete information, non-institutional economy was a valuable result in the study of production and distribution. The proof was based on important but by no means sufficiently general conditions to be a decent representation of more than a small part of economic life.
Document Details
- Document Type
- Technical Report
- Publication Date
- Oct 30, 1973
- Accession Number
- AD0774091
Entities
People
- Martin Shubik
Organizations
- Yale University