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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?

— G. L. S. Shackle Epistemics and Economics (1972)

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More quotes by G. L. S. Shackle

The bond price, and, as an arithmetical and rigid consequence, the interest rate is an inherently restless variable.

Epistemics and Economics (1972)

In the Treatise we are shown the bond-market as it exists in real life: a speculative market where a price, with an identity and a momentary stability, can only exist if there are two camps of dealers holding opposite views of the impending movement of bond prices.

Epistemics and Economics (1972)

Myrdalian ex ante language would have saved the General Theory from describing the flow of investment and the flow of saving as identically, tautologically equal, and within the same discourse, treating their equality as a condition which may, or not, be fulfilled

G. L. S. Shackle (1989)

A discipline, a region of the world of thought, should seek to know itself. Like an individual human being, it has received from its origins a stamp of character, a native mode of response to the situations confronting it. Right responses, 'responsibility', will require of the profession as of the individual an insight into the powers and defects of the tool which history has bequeathed to it.

Epistemics and Economics (1972)

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