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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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Pure Theory, Practice, and Context

Pure Theory, Practice, and Context

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

Thomas Quint

Martin Shubik

Yale University Press

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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