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Why use a viabilistic approach to model economy? Because it is urgent to re-assess the modeling of the business cycle that integrates dynamic money creation and that has at its core the notion of constraints. The purpose of this paper is thus to propose an evolutionary economic model using a mathematical framework derived from set-valued analysis, differential inclusions and viability theory. As this approach is dynamical, the model will not use two concepts on which neo-classical economics are built i.e., (1) the existence of static repeated equilibria, (2) the optimization by an economic agent of a utility function. Furthermore, we will not use any self-organization process or "invisible hand", as in our viabilist framework the economic viability will be maintained by explicit choices of the economic agents and of the lender of last resort over the budgetary and monetary rules to apply. Indeed, even simple constraints on the second-derivative of the means of payments already induce four-phased business cycles. Coupling these constraints over the creation of means of payment with economic evolutions of prices and commodities through a budgetary constraint allows for a single formalism, tackling jointly the question of the viability of economic and monetary evolutions. [ABSTRACT FROM AUTHOR]

"Hayek: A Life, 1899–1950" is a biography that provides a comprehensive account of Friedrich August Hayek's life and career. It explores his family background, education, and experiences during World War I. The book focuses on Hayek's intellectual development, particularly his work in economics and his association with the Austrian school. It also delves into his interactions with other economists, his contributions to economic theory, and his involvement in the debate on economic planning. The biography offers valuable insights into Hayek's life and contributions, making it a valuable resource for those interested in his work. [Extracted from the article]

This article provides a historical perspective on the concept of essentiality of money and monetary theory. It traces the evolution of monetary theory from classical theory to the division between microeconomics and macroeconomics. The article also discusses the different perspectives of the New Keynesian School and the New Monetarist School on the essential functions of money. It explains the role of money in facilitating economic activity and explores the various forms of money throughout history. The article concludes by emphasizing the significance of essential money and the need for a more comprehensive understanding of its functions in the modern economy. [Extracted from the article]