Expectation in Economics

First published in 1952, this book contains a discussion of the role of expectation in relation to the workings of the economy.

G. L. S. Shackle (Author)

9781107629141, Cambridge University Press

Paperback / softback, published 13 December 2012

162 pages
21.6 x 14 x 0.9 cm, 0.21 kg

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.

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.

Subject Areas: Economics [KC]