Martin Shubik’s research while affiliated with Yale University and other places

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Publications (1)


Accounting and its Relationship to General Equilibrium Theory
  • Article

January 2019

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87 Reads

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31 Citations

Accounting, Economics, and Law

Martin Shubik

Accounting both for macro and microeconomic purposes deals with process and dynamics. Much of the best microeconomic theory has dealt only with statics. General equilibrium theory shows the virtues of a price system, but abstracts from price formation and all of the accounting problems which appear in disequilibrium. An approach is suggested here for reconciliation of accounting with general equilibrium. More generally, it is suggested that the importance of accounting to economic theory has been underestimated.

Citations (1)


... Instead, they assume that market participants follow the model of the perfectly rational and informed homo economicus, who is instantly able to make optimal choices that are consistent with market equilibrium. As explained by Emrich and Follert (2019) and Braun (2021), the homo economicus is a methodological device that allows economists to sidestep the discussion around complicated market processes and their institutional preconditions (Shubik 2019). By assuming perfectly rational and fully informed market participants, economists do not have to explain how the market works, that is, how competing profit-oriented firms operating in the market allocate resources and coordinate the production process. ...

Reference:

How the Neoclassical Market Ideology Destroys the Market: Shareholder Value Maximization as a Self-Defeating Prophecy
Accounting and its Relationship to General Equilibrium Theory
  • Citing Article
  • January 2019

Accounting, Economics, and Law