After leaving The Perse, Shackle started work as a bank clerk as his parents could not afford to put him through university. He studied in his own time for a University of London BA degree which he took in 1931. He started work on a PhD under the supervision of Friedrich Hayek at the LSE but switched to an interpretation of Keynes’s General Theory of Employment, Interest and Money. He obtained his doctorate in 1937.
Following a number of academic posts, at the outbreak of World War II in 1939, Shackle was appointed to S-Branch, Sir Winston Churchill’s inner office of economists. Following the war, a short spell at the Cabinet Office under James Meade and at the University of Leeds led to appointment as Brunner Professor of Economics at the University of Liverpool, a post he held until his retirement in 1969.
The majority of Shackle’s work was influenced by Keynes, and focused on challenging the conventional role of probability in Economics. He also made large contributions to the history of economic thought.