Karlheinz Muhr Library

The Complete “Austrian School of Economics” Collection


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Karlheinz Muhr Library
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3,015 works, 150 years of economic thought. Each one summarized and searchable, with cited passages inside.

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25–25 of 25 matches · 3,015 works totalPage 3 of 3; every summary opens into its work.
  1. 1984
    Foreword

    Foreword

    George Lennox Sharman Shackle · 1 sections

    The alternatives among which a person chooses are creations of his own thought, not a menu the world hands down — and from that premise Shackle builds this compact statement of subjectivist economics, written to introduce Alexander Shand's survey of the tradition from Plato to Hayek. Choice becomes creative rather than calculative, its consequences unknowable in advance, so that the future is not merely unknown but partly made. Non-determinism and the unpredictability of history-to-come follow, along with a political corollary: central coercion cannot render human affairs predictable, only extinguish the dispersed invention that renews economic life. Markets earn their place by disseminating knowledge after events occur, never by abolishing uncertainty.

    Subjectivism credits the individual with the power of the alchemist who can throw into his crucible whatever his fancy has invented but knows not what will emerge.

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