Shackle’s potential surprise function and the formation of expectations in a monetary economy

Andres F. Cantillo

Journal of Post Keynesian Economics, 2014, vol. 37, issue 2, 233-253

Abstract: G.L.S. Shackle’s potential surprise function attacks the determinism that is central to neoclassical economics. He builds a model of creative individual choice that is nondeterministic and fits well with Keynes’s macroanalysis of monetary economies. Shackle provides a language and a method that allows a translation of originative thoughts into observable actions that can be represented and measured in scalar monetary terms. This provides a bridge between the subjective individual and a nondeterministic macroeconomic outcome. Shackle’s method dovetails with a conventional-evolutionistic approach that is able to explain social context and history under conditions of fundamental uncertainty.

Date: 2014
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DOI: 10.2753/PKE0160-3477370203

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