"Tragically, before the proliferation of empirically blind idiot savants, interesting work had been begun by true thinkers, the likes of J. M. Keynes, Friedrich Hayek, and the great Benoit Mandelbrot, all of whom were displaced because they moved economics away from the precision of second-rate physics. Very sad. 'One great underestimated thinker is G.L.S. Shackle, now almost completely obscure, who introduced the notion of "unknowledge"', that is, the unread books in Umberto Eco's library. It is unusual to see Shackle's work mentioned at all, and I had to buy his books from secondhand dealers in London."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Nassim Nicholas Taleb. The Black Swan: The Impact of the Highly Improbable, (2007)
https://en.wikiquote.org/wiki/G._L._S._Shackle
Revision History
No revisions have been submitted for this quote.
Categories
G. L. S. Shackle
George Lennox Sharman Shackle (14 July 1903 – 3 March 1992) was an English economist. He made a practical attempt to challenge classical rational choice theory and has been characterised as a "post-Keynesian," though he is influenced as well by Austrian economics. Much of his work is associated with the of evidence.
9 quotes on TrueQuotesView all quotes by G. L. S. Shackle →
Related Quotes
"Myrdalian ex ante language would have saved the General Theory from describing the flow of investment and the flow of…"
"A discipline, a region of the world of thought, should seek to know itself. Like an individual human being, it has re…"
"Whatever form it takes, the possession of the imaginative gift transforms the problem of accounting for human conduct…"
"When we examine this suggestion, we see that it is no more than a formal acknowledgement of a problem, the problem of…"
"There is little point in demanding minor concessions and relaxations of the abstract, timeless general equilibrium. T…"
"Before the Treatise, the interest- rate was determined by tastes and objective circumstances, by the persuasibility o…"
"In the Treatise we are shown the bond-market as it exists in real life: a speculative market where a price, with an i…"
"The bond price, and, as an arithmetical and rigid consequence, the interest rate is an inherently restless variable."
"I’m a very pragmatic person,"
"Look at the high street names that aren’t here, but were here in 2019. The fact that we’ve come through it, the busin…"