Time and Money: How Long and How Much Money is Needed to Regulate a Viable Economy (Lecture Notes in Economics and Mathematical Systems Book 670)

This authored monograph presents an unconventional approach to an important topic in economic theory. The author is an expert in the field of viability theory and applies this theory to analyze how an economy should be dynamically endowed so that it is economically viable. Economic viability requires an assumption on the joint evolution of transactions, fluctuations of prices and units of numeraire goods: the sum of the “transactions values” and the “impact of price fluctuations” should be negative or equal to zero. The book presents a computation of the minimum endowment which restores economic viability and derives the dynamic laws that regulate both transactions and price fluctuations. The target audience primarily comprises open-minded and mathematically interested economists but the book may also be beneficial for graduate students. This Authored Monograph Presents An Unconventional Approach To An Important Topic In Economic Theory. The Author Is An Expert In The Field Of Viability Theory Which Was Motivated By Economics At The End Of The 1970's (see Dynamic Economic Theory: A Viability Approach, Springer, (1996). It Is Used Here To Analyze How An Economy Should Be Dynamically Endowed So That It Is Economically Viable. Economic Viability Requires An Assumption On The Joint Evolution Of Commodities Transactions, Fluctuations Of Prices And Numeraire Units: The Sum Of The Transactions Values And The Impact Of Price Fluctuations Should Be Negative Or Equal To Zero. The Book Presents A Computation Of The Minimum Endowment Which Restores Economic Viability And Derives The Dynamic Laws That Regulate Both Transactions And Price Fluctuations. The Target Audience Primarily Comprises Open-minded And Mathematically Interested Economists But The Book May Also Be Beneficial For Graduate Students. The Underlying Thesis -- How Long And How Much Endowing One Commodity -- Keeping The Endowment Above A Viability Threshold -- Uncertain Endowments And Economic Cycles -- Evolutions And Their Temporal Windows -- Endowing Fundamental Values:willingness To Pay -- Endowing Exchange Values: Adam Smith's Invisible Man -- Why Viability Theory? -- What Is To Be Done? Jean-pierre Aubin. Includes Bibliographical References And Indexes. Front Matter....Pages i-xviii The Underlying Thesis....Pages 1-29 How Long and How Much Endowing One Commodity....Pages 31-45 Keeping the Endowment Above a Viability Threshold....Pages 47-55 Uncertain Endowments and Economic Cycles....Pages 57-66 Evolutions and Their Temporal Windows....Pages 67-83 Endowing Fundamental Values: Willingness to Pay....Pages 85-104 Endowing Exchange Values: Adam Smith’s Invisible Man....Pages 105-117 Why Viability Theory?....Pages 119-126 What Is to Be Done?....Pages 127-131 Back Matter....Pages 133-144