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Barley, Gold, or FiatToward a Pure Theory of Money$
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Thomas Quint and Martin Shubik

Print publication date: 2014

Print ISBN-13: 9780300188158

Published to Yale Scholarship Online: May 2014

DOI: 10.12987/yale/9780300188158.001.0001

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PRINTED FROM YALE SCHOLARSHIP ONLINE (www.yale.universitypressscholarship.com). (c) Copyright Yale University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in YSO for personal use.date: 25 September 2021

Pure Theory, Practice, and Context

Pure Theory, Practice, and Context

Chapter:
(p.305) Chapter 17 Pure Theory, Practice, and Context
Source:
Barley, Gold, or Fiat
Author(s):

Thomas Quint

Martin Shubik

Publisher:
Yale University Press
DOI:10.12987/yale/9780300188158.003.0017

This is a summary chapter in which we qualitatively tie together many of the ideas from the book. In particular we stress the gap between theory and practice. A key change required to connect them is to change the general equilibrium paradigm by opening it up to process models with money, government, and a central bank explicitly part of the structure. This permits the construction of a multitude of ad hoc models relevant to practice but consistent with an underlying theory as noted by Edgeworth.

Keywords:   behavioral economics, experimental games, paradigm shift, theory and practice

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