{"id":145,"date":"2008-10-27T12:26:25","date_gmt":"2008-10-27T12:26:25","guid":{"rendered":"http:\/\/meeseeks:5080\/blog\/?p=145"},"modified":"2022-01-18T09:51:44","modified_gmt":"2022-01-18T09:51:44","slug":"kaleidic-moments","status":"publish","type":"post","link":"https:\/\/vukutu.com\/blog\/2008\/10\/kaleidic-moments\/","title":{"rendered":"Kaleidic moments"},"content":{"rendered":"<p>Is the economy like a pendulum, gradually oscillating around&nbsp;a fixed point until it reaches a static equilibrium?&nbsp; This metaphor, borrowed from Newtonian physics, still dominates mainstream economic thinking and discussion.&nbsp; Not all economists have agreed, not least because the mechanistic Newtonian viewpoint seems to allow no place for new information to arrive or for changes in subjective responses.&nbsp;&nbsp; The 20th-century economists George Shackle and Ludwig Lachmann, for example, argued that a much more realistic metaphor for the modern economy is a kaleidoscope.&nbsp; The economy is a&nbsp;<em>&#8220;kaleidic society, interspersing its moments or intervals of order, assurance and beauty with sudden disintegration and a cascade into a new pattern.&#8221; <\/em>(Shackle 1972, p.76).<br \/>\nThe arrival of new information, or changes in the perceptions and actions of marketplace participants, or&nbsp;changes in their subjective beliefs and intentions, are the events which trigger these sudden disruptions and discontinuous realignments.&nbsp;&nbsp; Recent events in the financial markets show we are in a kaleidic moment right now.&nbsp;&nbsp;If there&#8217;s an invisible hand, it&#8217;s not holding a pendulum but busy shaking the kaleidoscope.<br \/>\n<em>Reference:<\/em><br \/>\nGeoge L S Shackle [1972]: <em>Epistemics and Economics<\/em>.&nbsp; Cambridge, UK:&nbsp; Cambridge University Press.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is the economy like a pendulum, gradually oscillating around&nbsp;a fixed point until it reaches a static equilibrium?&nbsp; This metaphor, borrowed from Newtonian physics, still dominates mainstream economic thinking and discussion.&nbsp; Not all economists have agreed, not least because the mechanistic Newtonian viewpoint seems to allow no place for new information to arrive or for changes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,67,82],"tags":[],"class_list":["post-145","post","type-post","status-publish","format-standard","hentry","category-economics","category-prophecy","category-uncertainty","p1","y2008","m10","d27","h12"],"_links":{"self":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts\/145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/comments?post=145"}],"version-history":[{"count":1,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts\/145\/revisions"}],"predecessor-version":[{"id":10400,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts\/145\/revisions\/10400"}],"wp:attachment":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/media?parent=145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/categories?post=145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/tags?post=145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}