Uncertainty, social norms and consumption theory: Post and New Keynesian approaches
AbstractConsumption theory has always been a neglected field in post-Keynesian economics, whereas it is at the center of New Keynesian economics. This paper investigates similarities and differences between the two approaches. I will show that the newer mainstream models indeed give results that are fairly similar to traditional Keynesian ideas, even if differences â€“ especially concerning methodological questions â€“ still remain. Building on insights from Economic Sociology and Behavioral Economics, the importance for consumption theory of an adequate treatment of risk and uncertainty on the one hand, and the role of social norms on the other hand are emphasized.
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Bibliographic InfoArticle provided by Edward Elgar in its journal Intervention.
Volume (Year): 7 (2010)
Issue (Month): 1 ()
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Web page: http://www.elgaronline.com/ejeep
uncertainty; social norms; consumption theory; post-Keynesianism; New Keynesianism;
Find related papers by JEL classification:
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
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