This paper is focused on the macroeconomic aspects of Shackle’s theory of decisions under uncertainty and, more particularly, of his theory of capital and interest. The paper starts by arguing that Shackle’s general approach stems from the identification of, and conflict between, two...

The Austrian notion of stages of production and the related principle of the greater productivity of roundabout methods plus the neo-Austrian notions of vertical integration and vertical division of labour are utilized in this paper in an attempt to reconstruct Smith’s convoluted arguments on...

The role of expectations and of their disappointment in determining economic fluctuations was first studied by the great economists of the 1930s. Amongst them is Marco Fanno. Fanno’s most popular contributions on this topic are his 1931 article Cicli di produzione, cicli del credito e...