Should post-Keynesians make a behavioural turn?
AbstractThis paper deals with the relationship between post-Keynesian and behavioural economics. I begin by responding critically to Paul Davidson's claim that Keynes was the first behavioural economist. Then I discuss some recent work in behavioural macroeconomics, which reveals some important strengths but also some fundamental weaknesses. Next I outline what (Old) behavioural economists have had to say about macroeconomics, beginning with the father of the school, Herbert Simon, and considering the contributions of some of his disciples. I then reverse the question and ask what post-Keynesians have had to say about behavioural economics, Old and New. I conclude by identifying some potential sources of difficulty and also suggesting some areas of macroeconomics where cooperation between post-Keynesians and behavioural economists seems especially promising.
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Bibliographic InfoArticle provided by Edward Elgar in its journal European Journal of Economics and Economic Policies: Intervention.
Volume (Year): 10 (2013)
Issue (Month): 2 ()
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Web page: http://www.elgaronline.com/ejeep
behavioural economics; macroeconomics; post-Keynesian economics;
Find related papers by JEL classification:
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
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