Treatise, the interest- rate was determined by tastes and objective circumstances, by the persuasibility of income-earners to transfer consumption from the present to the future, and the desire of business men to transfer the means of free enterprise from the future to the present, thus altering the productive possibilities and enlarging the prospective income of the society including themselves." - Meaning and context.">
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p. 162
“

Before the Treatise, the interest- rate was determined by tastes and objective circumstances, by the persuasibility of income-earners to transfer consumption from the present to the future, and the desire of business men to transfer the means of free enterprise from the future to the present, thus altering the productive possibilities and enlarging the prospective income of the society including themselves.

— G. L. S. Shackle

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Before the Treatise, the interest- rate was determined by tastes and objective circumstances, by the persuasibility of income-earners to transfer consumption from the present to the future, and the desire of business men to transfer the means of free enterprise from the future to the present, thus altering the productive possibilities and enlarging the prospective income of the society including themselves." in the context of "p. 162" to mean that wisdom is timeless.

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Source: Wikiquote: "G. L. S. Shackle" (Quotes, Epistemics and Economics. (1972): G. L. S. Shackle (1972), ''Epistemics & Economics: A Critique of Economic Doctrines" Cambridge University Press; Reprint 1992) The 'What it means' explanation text was generated by Google Gemini Flash (accessed January 18, 2026). https://gemini.google.com/app

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#G. L. S. Shackle#transfer#present#future#persuasibility#circumstances#incomeearners#possibilities#consumption#prospective#determined#enterprise

About 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 Dempster–Shafer theory of evidence.