Uncertainty And Expectations In Shackle'S Theory Of Capital And Interest
AbstractThis paper is focused on the macroeconomic aspects of Shackle's theory of capital and interest. The paper highlights the strengths and weaknesses of this theory. Among the strengths is Shackle's treatment of historical time, expectations and their disappointment, ex ante and ex post magnitudes, macroeconomic equilibrium and disequilibrium. Among the weaknesses is Shackle's failure to grasp the difference between the theory of interest as such and the theory of the money rate of interest as well as the difference between the theory of capital in the context of logical time (the old Austrian approach) and the theory of capital in the context of historical time (Hayek's and Shackle's preferred approach). In natural science, what is thought is built upon what is seen: but in economics, what is seen is built upon what is thought. ( Shackle, 1972 , p. 66) Copyright � 2008 The Author. Journal compilation � 2008 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Metroeconomica.
Volume (Year): 60 (2009)
Issue (Month): 2 (05)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386
Other versions of this item:
- Meacci, Ferdinando, 2006. "Uncertainty and Expectations in Shackle's Theory of Capital and Interest," MPRA Paper 11700, University Library of Munich, Germany, revised 29 Jun 2007.
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Harcourt,G. C., 2006.
"The Structure of Post-Keynesian Economics,"
Cambridge University Press, number 9780521833875, October.
- Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-25, June.
- Meacci, Ferdinando, 2009. "The disappointment of expectations and the theory of fluctuations," MPRA Paper 22869, University Library of Munich, Germany, revised May 2010.
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