A GAME THEORY ANALYSIS: PRICE STABILITY IN THE OTTOMAN ECONOMY

One of the basic conditions for economic stability is price stability. The advantages and disadvantages of intervening in prices in the base of economic liberalization are discussed. In the Ottoman Economy, in times of crisis such as war, famine, supply of raw materials and economic distress, prices...

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Bibliographic Details
Published in:Zeitschrift für die Welt der Türken 2023-04, Vol.15 (1), p.259-271
Main Authors: YARDIMCI, Mehmet Emin, GÜMÜŞ, Emel, GÜMÜŞ, Ümran
Format: Article
Language:English
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Summary:One of the basic conditions for economic stability is price stability. The advantages and disadvantages of intervening in prices in the base of economic liberalization are discussed. In the Ottoman Economy, in times of crisis such as war, famine, supply of raw materials and economic distress, prices were intervened with the fixed price application in line with the aim of preventing black market. It is necessary to reveal the advantages and disadvantages of these interventions and to evaluate the level of sustainability. For this purpose, the interaction between the artisans and the state is analyzed within the framework of a game-theoretic model repeated in this study. It is concluded that the interventions regarding the narh implementation are unsustainable. Keywords: Game Theory, Price Stability, Ottoman Economy, Narh Application
ISSN:1869-2338
1868-8934
DOI:10.46291/ZfWT/150118