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The Guidance of an Enterprise Economy PDF

591 Pages·2016·3.371 MB·English
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TheGuidanceofanEnterpriseEconomy TheGuidanceofanEnterpriseEconomy MartinShubikandEricSmith TheMITPress Cambridge,Massachusetts London,England (cid:13)c 2016MassachusettsInstituteofTechnology Allrightsreserved.Nopartofthisbookmaybereproducedinanyformbyanyelectronicor mechanicalmeans(includingphotocopying,recording,orinformationstorageandretrieval)with- outpermissioninwritingfromthepublisher. ThisbookwassetinTimesRomanbydiacriTech,Chennai.PrintedandboundintheUnitedStates ofAmerica. LibraryofCongressCataloging-in-PublicationDataisavailable. ISBN:978-0-262-03463-0 10 9 8 7 6 5 4 3 2 1 To my wife Julie and daughter Claire and her family. Julie bore the brunt of thevariousegoflightsanddepressionsassociatedwithattemptstogetthings right. ToNerissa,forforbearanceinamarathonshedidn’tasktorun. Contents Acknowledgments ix 1. TheContextofCompetition 1 2. MinimalInstitutions:GameTheoryandGaming 21 3. FormalizingMeasurementandModeling:The PreinstitutionalSociety 41 4. SupportingAttainableSolutions:SymmetryandComplexity inOne-PeriodExchangeMechanisms 79 5. EndogenizingtheChoiceofaMonetarySystem 117 6. TheEconomy:Time,Size,andComplexity 179 7. BuildingTheoriesofEconomicProcess 259 8. UncertaintyandVelocity 307 9. InnovationandBreakingtheCircularFlow 345 10. InnovationandEvolution:GrowthandControl 395 11. MathematicalInstitutionalEconomicsandtheTheoryof MoneyandFinancialInstitutions 441 12. Process,Strategy,andBehavior 475 13. TheGuidanceofanEnterpriseEconomy 509 Bibliography 547 NameIndex 567 SubjectIndex 571 Acknowledgments This could not have been written without many discussions and collabora- tions with colleagues in different disciplines and occupations. Many of the conversationswereatPrinceton,Yale,theInstituteforAdvancedStudyinthe Behavioral Sciences, General Electric, IBM research, the Rand Corporation, the Cowles Foundation, and the Santa Fe Institute. We note by name only coauthors whose direct contributions helped us to meld together a consider- ablenumberofdiverseelementsintoawholeintegratedentitytogivemean- ingtoamathematicalinstitutionaleconomicsthatmustunderlieanyevolving society.OurspecificthanksaretoLloydShapley,PradeepDubey,Siddhartha Sahi, William Sudderth, Ioannis Karatzas, Ward Whitt, Gerald Thompson, Matthew Sobel, Lode Li, Sidney Siegel, Charles Wilson, John Rogowski, Gerrit Wolf, John Miller, John Geanakoplos, Imre Baranyi, Andreu Mas- Colell, Dimitri Tsomocas, Charles Goodhart, Michael Powers, Rabah Amir, Jingang Zhao, Thomas Quint, Chen Zhong Qin, Per Bak, Maya Paczuski, KaiNagel,DoyneFarmer,DuncanFoley,AlokKumar,DavidSchizer,Martin Whitman, Shyam Sunder, Supriya Krishnamurthy, Rogier Braakman, Harold Morowitz,BenjaminGood,andJuergenHuber.EricSmithgratefullyacknowl- edges Jerry Murdock for support over more than a decade of our joint work, andWilliamMeltonforsupportduringitscompletion.WewishtothankGlena Amesforherconstantaidinvolvingmanuscriptpreparation.

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Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.