Unlimited Quote Collections
Organize your favorite quotes without limits. Create themed collections for every occasion with Premium.
When we examine this suggestion, we see that it is no more than a formal acknowledgement of a problem, the problem of how (by what institutional arra… - G. L. S. Shackle
" "When we examine this suggestion, we see that it is no more than a formal acknowledgement of a problem, the problem of how (by what institutional arrangement, by what organization of affairs) the equilibrium prices are to be discovered. Repeated trial and error, while the market stands in suspense awaiting the outcome, is not a practical resort. The number of distinct trials, even if confined to discrete steps of price and quantity, would be so immense that the necessary 'market day' would extend beyond human life-times... [The] theoretical ideal applies to mutually isolated days or moments, each to be treated as perfectly self-contained and looking to no yesterday and no tomorrow. But the real market is dealing with goods inherited from yesterday, and in means of production whose products will not be ready till tomorrow. Meanwhile the non-economic circumstances are changing and rendering each successive equilibrium obsolete.
English
Collect this quote
About G. L. S. Shackle
George Lennox Sharman Shackle (14 July 1903 – 3 March 1992) was an English economist. He made a practical attempt to challenge classical rational choice theory and has been characterised as a "post-Keynesian," though he is influenced as well by Austrian economics. Much of his work is associated with the of evidence.
Also Known As
Native Name:
George Lennox Sharman Shackle
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by G. L. S. Shackle
Before the Treatise, the interest- rate was determined by tastes and objective circumstances, by the persuasibility of income-earners to transfer consumption from the present to the future, and the desire of business men to transfer the means of free enterprise from the future to the present, thus altering the productive possibilities and enlarging the prospective income of the society including themselves.
There is little point in demanding minor concessions and relaxations of the abstract, timeless general equilibrium. The light it can throw on human affairs is throw by its most austere and formal version. We are not concerned to ask: How could it possibly work? The useful question is: What does its logical structure imply?
Loading...