Expectation in Economics

by G. L. S. Shackle

Overview

First published in 1952, as the second edition of a 1949 original, this book contains a discussion of the role of expectation in relation to the workings of the economy. For the purposes of the discussion, expectation is defined as the act of creating imaginary situations, of associating them with named future dates, and of assigning to each of the hypotheses thus formed a place on a scale measuring the degree of belief that a specified course of action will make this hypothesis come true. The text also contains appendices and a detailed index. This book will be of value to anyone with an interest in economic theory and methods of dealing with economic uncertainty.

Product Details

ISBN-13:	9781107629141
Publisher:	Cambridge University Press
Publication date:	12/13/2012
Edition description:	Reprint
Pages:	162
Product dimensions:	5.51(w) x 8.50(h) x 0.35(d)

Table of Contents

Preface to second edition; Preface to first edition; 1. Introduction; 2. The nature of expectation; 3. Expected clarifying of expectations and its influence on the pace of investment; 4. The choice of assets to be held for speculative gain; 5. Design of taxation to maintain the incentive to enterprise; 6. A theory of the bargaining process; 7. A comparison with the orthodox view; Appendix. The formal properties of the concept of potential surprise.