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The term kaleidics (Greek: καλός kalos: "good", "beautiful"; εἶδος eidos: "form", "shape") denotes the ever-changing shape and status of an economy. Uncertainty is the primary kaleidic factor.[1] It is strongly associated with the work of George Shackle, who had a rather radical interpretation of Keynesian economic theory. He surmised that the uncertainty in a capitalist economy was due to the irrational nature of investment, which is often driven by irrational fears, rumors, and superstition, rather than what is traditionally assumed to be cold, hard, calculation. Such theories lead to the view, expressed in Viennese kaleidics, that the turbulence of markets cannot be smoothed through government interference, and must therefore be left to their own devices.
- ^ Katzner (1998) p. 258