Unknowledge and Choice in Economics: Proceedings of a by Stephen F. Frowen

By Stephen F. Frowen

A selection of papers dicussing unknowledge and selection in economics. the subjects concentration particularly on G.L.S.Shackle's theories and his position in subjectivist suggestion but additionally contain time, selection and dynamics in economics and rates of interest and funding decisions.

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Ford The gambler-preference function epitomises the investor's rankings of pairs of focus-values. From that function we derive indifference curves tracing out those combinations that produce the same level of 'utility'. In the Shackle schema the latter is only referred to implicitly as an indicator of preferences. But we can regard that indicator as some 'U' or index. 4) BU/BG>O; BUJBL

It is not hard to find in his work passages that bear out such a description: for example, the famous 'Economics, concerned with thoughts and only secondarily with things, the objects of those thoughts, must be as protean as thought itself (Epistemics and Economics, p. 246). But what are the roots of this philosophical approach to economics? On this question the student of Shackle's opus receives little instruction. Such an approach must surely have links to the past. Where are they to be found?

1977) Capital, Expectations and the Market Process (Sheed & Ward, Kansas City). MISES, L. VON (1949) Human Action (Hodges, London). SHACKLE, G. L. S. (1972) Epistemics and Economics (Cambridge University Press). 2 The Fabric of Economics and the Golden Threads of G. L. S. Shackle Mark Perlman The title of this chapter is intended to suggest that the long history of our discipline, whatever we choose to tell others, has historically been something different from an efficient linear search for scientific 'cause and effect' first principles.

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