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Keynes' Economic Thought and the Theory of Consumer Behaviour

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  • Drakopoulos, S A

Abstract

The first part of this paper demonstrates that John Maynard Keynes had serious reservations about the standard consumer theory and especially the expected utility model. This has important implications for subsequent interpretations of Keynes's microfoundations and also for the attempts to derive Keynesian aggregate consumption functions. Furthermore, the second part of the paper shows that there are ideas in Keynes that might be taken as an outline of an alternative model of consumer choice. These ideas can be connected with modern alternative formulations of consumer behavior and might be taken as an additional explanation for issues like sticky prices and Keynesian unemployment. Copyright 1992 by Scottish Economic Society.

Suggested Citation

  • Drakopoulos, S A, 1992. "Keynes' Economic Thought and the Theory of Consumer Behaviour," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(3), pages 318-336, August.
    • Handle: RePEc:bla:scotjp:v:39:y:1992:i:3:p:318-36
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    Cited by:

    1. Drakopoulos, Stavros A., 1999. "Post-Keynesian Theory of Choice," MPRA Paper 92043, University Library of Munich, Germany.
    2. Pech, Wesley & Milan, Marcelo, 2009. "Behavioral economics and the economics of Keynes," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(6), pages 891-902, December.
    3. Olivier Allain, 2021. "A supermultiplier model of the natural rate of growth," Metroeconomica, Wiley Blackwell, vol. 72(3), pages 612-634, July.
    4. Lavoie, Marc, 2004. "Post Keynesian consumer theory: Potential synergies with consumer research and economic psychology," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 639-649, October.
    5. Stavros A. Drakopoulos, 2021. "The marginalization of absolute and relative income hypotheses of consumption and the role of fiscal policy," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(6), pages 965-984, November.
    6. Drakopoulos, Stavros A., 2021. "Theories of Consumption," MPRA Paper 108215, University Library of Munich, Germany.
    7. Tatiana Tikhonova & Olga Shik, 2008. "Alternative Employment in Rural Area in Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 114P, pages 224-224.
    8. Jim Davies, 2009. "Entrenchment of New Governance in Consumer Policy Formulation: A Platform for European Consumer Citizenship Practice?," Journal of Consumer Policy, Springer, vol. 32(3), pages 245-267, September.

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