Equilibrium and System Analysis in Economic Dynamics

Yuri Biondi

Accounting, Economics, and Law: A Convivium, 2019, vol. 9, issue 3, 10

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.

Keywords: economic organisation; money; accounting; minimal institution; economic theory (search for similar items in EconPapers)
JEL-codes: B32 B40 D50 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1515/ael-2018-0027

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Accounting, Economics, and Law: A Convivium is currently edited by Reuven S. Avi-Yonah, Yuri Biondi and Shyam Sunder

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