G.L.S. Shackle [electronic resource] /
Earl, Peter E.author.
Littleboy, Bruce.author.
This is an intellectual biography of G.L.S. Shackle, economic theorist, philosopher, and historian of economic theory. It explores how Shackle challenged the aims, methods and assumptions of mainstream economics. He stressed macroeconomic instability, and developed a radically subjectivist theory for behavioural economics and business planning.
Description based upon print version of record.
Cover; Title; Copyright; Contents; List of Figures; List of Tables; Preface and Acknowledgements; 1 Introduction; 2 Life and Vision; 2.1 Introduction; 2.2 The discipline's most radical economist; 2.3 A man of quiet ambition; 2.4 Life, disposition and vision; 2.5 On method and style; 2.6 Conclusion; Appendix: George Shackle's family history; 3 Shackle's Economics; 3.1 Shackle's kaleidics; 3.2 Shackle's policy vision; 3.3 Kaleidic macroeconomic theory; 3.4 Shackle, institutionalism and Austrian economics; 3.5 Shackle's economics today: complexity and emergence
4 Possibility versus Probability: The Rhetoric of Choice4.1 Introduction; 4.2 Possibility versus probability; 4.3 The rival positions; 4.4 Going too far?; 4.5 Psychology and probability; 4.6 Hypothetical experiments: picking a ball from a bag; 4.7 Expertise; 4.8 Bluffing and game theory; 4.9 Deep uncertainty: we simply do not know; 4.10 Concluding reflections; 5 Potential Surprise and Choice; 5.1 A decade in development; 5.2 Prospective returns and potential surprise; 5.3 From conjectures to choices; 5.4 Standardized focus outcomes
5.5 Coming out against probabilistic models of choice under uncertainty6 Critical Perspectives on Shackle's Theory; 6.1 Shackle and his critics; 6.2 The subjectivist nature of the theory; 6.3 Objections to the idea of potential surprise as an alternative to probability; 6.4 Objections to the idea of focusing on best and worst outcomes; 6.5 The alleged redundancy of the gambler indifference map; 6.6 The debatable form of the F -surface; 6.7 The evidence; 6.8 Conclusion; 7 Making Sense of Diversification; 7.1 An unsatisfactory prediction; 7.2 Shackle's view of multi-asset diversification
7.3 Systemic versus non-systemic risks7.4 Diversification, kaleidics and the firm; 8 Shackle and Behavioural Economics; 8.1 Shackle as a behavioural economist; 8.2 Bounded (un)knowledge versus bounded rationality; 8.3 Opportunities for integrating the analyses of Shackle and Simon; 8.4 Shackle's analysis versus Prospect Theory; 8.5 Base-rate probabilities for novel/singular situations; 9 Lessons for Economists, Entrepreneurs and Business Schools; 9.1 Introduction; 9.2 Non-additive ways of choosing; 9.3 Kaleidic versus systematic aspects of choice
9.4 Avoiding unpleasant surprises and opportunity losses9.5 Contractual incompleteness and economic organization; 9.6 Marketing and consumer well-being; 9.7 Entrepreneurship; 10 The Passage of Time: Shackle, Shell and Scenarios; 10.1 Background to the connection between Shackle and Shell; 10.2 The British Association for the Advancement of Science meeting in York, 1981; 10.3 To cope with time; 10.4 Interest in Shell's scenarios approach by Shackle enthusiasts; 10.5 Concluding remarks; 11 Coda; Notes; References; Index of Names; Index of Subjects
Includes bibliographical references and indexes.
This is an intellectual biography of G.L.S. Shackle, economic theorist, philosopher, and historian of economic theory. It explores how Shackle challenged the aims, methods and assumptions of mainstream economics. He stressed macroeconomic instability, and developed a radically subjectivist theory for behavioural economics and business planning.
Shackle, G. L. S. (George Lennox Sharman), 1903-1992.
Economic theory.
Economic history.
Investment banking.
Securities.
Behavioral economics.
International economics.
Economic Theory/Quantitative Economics/Mathematical Methods.
Economic History.
Investments and Securities.
Behavioral/Experimental Economics.
International Economics.