G. L. S. Shackle: Pricing

G. L. S. Shackle was British economist. Explore interesting quotes on pricing.
G. L. S. Shackle: 16 quotes0 likes

“When we examine this suggestion, we see that it is no more than a formal acknowledgement of a problem, the problem of how (by what institutional arrangement, by what organization of affairs) the equilibrium prices are to be discovered. Repeated trial and error, while the market stands in suspense awaiting the outcome, is not a practical resort. The number of distinct trials, even if confined to discrete steps of price and quantity, would be so immense that the necessary 'market day' would extend beyond human life-times… [The] theoretical ideal applies to mutually isolated days or moments, each to be treated as perfectly self-contained and looking to no yesterday and no tomorrow. But the real market is dealing with goods inherited from yesterday, and in means of production whose products will not be ready till tomorrow. Meanwhile the non-economic circumstances are changing and rendering each successive equilibrium obsolete.”

G. L. S. Shackle

Source: Epistemics and Economics. (1972), p. 150

“The bond price, and, as an arithmetical and rigid consequence, the interest rate is an inherently restless variable.”

G. L. S. Shackle

Source: Epistemics and Economics. (1972), p. 201

“In the Treatise we are shown the bond-market as it exists in real life: a speculative market where a price, with an identity and a momentary stability, can only exist if there are two camps of dealers holding opposite views of the impending movement of bond prices.”

G. L. S. Shackle

Source: Epistemics and Economics. (1972), p. 162