This paper conjectures that economics has changed profoundly since the 1970s and that these changes involve a new understanding of the relationship between theoretical and applied work. Drawing on an analysis of John Bates Clark medal winners, it is suggested that the discipline became more...

Shackle's theory of decision-making under uncertainty and the background to it are outlined. Its major prediction about action-choice is set out and proved. An experimental design to test its veracity is described; a design that it is demonstrated will make it possible to discriminate between...