55 citations · 67 across the 2 of their papers we have counts for
2 papers
cond-mat.stat-mech2000★ 12 cited
Money and Goldstone modes
Per Bak, Simon F. Norrelykke, Martin Shubik
Why is ``worthless'' fiat money generally accepted as payment for goods and services? In equilibrium theory, the value of money is generally not determined: the number of equations…
cond-mat.stat-mech1998★ 55 cited
The Dynamics of Money
Per Bak, Simon F. Norrelykke, Martin Shubik
We present a dynamical many-body theory of money in which the value of money is a time dependent ``strategic variable'' that is chosen by the individual agents. The value of money…