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Keynes and the Psychology of Economic Behavior: From Stout and Sully to The General Theory

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  • Vincent Barnett

Abstract

This article examines the potential influence of the work of two psychologists—G. F. Stout and James Sully—on J. M. Keynes’s economic theory. It does so by providing an analysis of aspects of the notes that Keynes made while studying for the Civil Service entrance examination in psychology in 1905-6, and how they related to the source materials on which they were based. It argues that Keynes did “absorb” some of the ideas of these two psychologists while studying for the Civil Service examination, and that they then reappeared in modified form in his later economic writings. Consequently, psychological ideas (and also ideas about physiological evolution) are more important in Keynes’s economic theory than is sometimes recognized.

Suggested Citation

  • Vincent Barnett, 2015. "Keynes and the Psychology of Economic Behavior: From Stout and Sully to The General Theory," History of Political Economy, Duke University Press, vol. 47(2), pages 307-333, June.
    • Handle: RePEc:hop:hopeec:v:47:y:2015:i:2:p:307-333
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    Cited by:

    1. Seth Frey & Robert L. Goldstone, 2018. "Cognitive mechanisms for human flocking dynamics," Journal of Computational Social Science, Springer, vol. 1(2), pages 349-375, September.
    2. Gabe de Bondt, 2017. "Confidence and monetary policy transmission," EcoMod2017 10197, EcoMod.
    3. Gerasimos T. Soldatos & Erotokritos Varelas, 2015. "A first formal approach to animal spirits beyond uncertainty," European Journal of Government and Economics, Europa Grande, vol. 4(2), pages 104-117, December.

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