Equilibrium and System Analysis in Economic Dynamics. A Comment on the “Guidance of an Enterprise economy” by Martin Shubik and Eric Smith
Biondi, Yuri (2019), Equilibrium and System Analysis in Economic Dynamics. A Comment on the “Guidance of an Enterprise economy” by Martin Shubik and Eric Smith, Accounting, Economics and Law: A Convivium, 9, 3, p. n°20180027. 10.1515/ael-2018-0027
TypeArticle accepté pour publication ou publié
Journal nameAccounting, Economics and Law: A Convivium
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Institut de Recherche Interdisciplinaire en Sciences Sociales [IRISSO]
Abstract (EN)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.
Subjects / Keywordseconomic organisation; money; accounting; minimal institution; economic theory
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