Scheme of economic theory

By their nature and purpose different economic theories make almost opposite assumptions and use entirely different con ceptions or aspects of time. These contrasting assumptions, which occur frequently, are essential to the nature of the various theories and cannot therefore be combined into a general theory. Coherence can only be ob tained by an explicit scheme in which these theories are ordered to each other.

In this book Professor Shackle seeks a single, unified and coherent basis which would serve for all economic theories, par ticularly in regard to their treatment of time and to the possibility of acquiring the know ledge on which these theories are based. He examines five main approaches to eco nomic analysis: a pure general equilibrium; Marshall's science of economic evolution; Keynes's 'Kaleido-statics'; the models of economic growth devised by Harrod and Hicks; and Leontief's input-output analysis. These basically divergent theories cannot be combined and must be ordered to each. other.