The evolution of money as a medium of exchange

Article Abstract:

A dearth of research exists that analytically addresses the dynamic skeleton process which leads to a monetary equilibrium although a substantial body of published literature discusses the existence of money. Thus, a model is proposed which is based on an evolutionary approach and is used to explain the emergence of money as a medium of exchange and how media of exchange evolve, in primitive economies. The evolutionary model provides further insights into the evolution of money as well as other illuminations.

Evaluation, Money, Mathematical models

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Evolution and market competition

Article Abstract:

Perfect competition models are shown to be attainable even if firms do not seek to maximize profit. In contrast to the standard microeconomic model, This model assumes that entry and exit of firms into the market are not conditioned by the profit motive but are random or even irrational choices. Furthermore, firms stay on as long as aggregate profits are not negative. Long-run equilibrium in this perfect competition model will therefore be determined by natural selection.

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Perfect competition in the continuous assignment model

Article Abstract:

Perfect competition is discussed in the context of the transferable utility model as an inability to favorably influence prices. The social gains function is used as the main tool in analyzing the model. It is also shown that finite and continuum assignment economies are possible in both perfect competition and imperfect competition. However, most finite economies are found to be imperfectly competitive while most continuum economies are perfectly competitive.

Economics

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