Time and Money : How Long and How Much Money is Needed to Regulate a Viable Economy / by Jean-Pierre Aubin.

Springer eBooks

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?.

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.

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