IDEAS home Printed from https://ideas.repec.org/a/mes/postke/v23y2001i4p545-566.html
   My bibliography  Save this article

Alternative Keynesian and Post Keynesian Perspective on Uncertainty and Expectations

Author

Listed:
  • J. Barkley Rosser

Abstract

No abstract is available for this item.

Suggested Citation

  • J. Barkley Rosser, 2001. "Alternative Keynesian and Post Keynesian Perspective on Uncertainty and Expectations," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(4), pages 545-566, July.
    • Handle: RePEc:mes:postke:v:23:y:2001:i:4:p:545-566
    DOI: 10.1080/01603477.2001.11490299
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/01603477.2001.11490299
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/01603477.2001.11490299?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
    2. Bowman, David & Faust, Jon, 1997. "Options, Sunspots, and the Creation of Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 105(5), pages 957-975, October.
    3. William A. Brock & Cars H. Hommes, 1997. "A Rational Route to Randomness," Econometrica, Econometric Society, vol. 65(5), pages 1059-1096, September.
    4. Jean-Michel Grandmont, 1998. "Expectations Formation and Stability of Large Socioeconomic Systems," Econometrica, Econometric Society, vol. 66(4), pages 741-782, July.
    5. Runde, Jochen, 1994. "Keynesian Uncertainty and Liquidity Preference," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 18(2), pages 129-144, April.
    6. Hommes, Cars H. & Rosser,, J. Barkley, 2001. "Consistent Expectations Equilibria And Complex Dynamics In Renewable Resource Markets," Macroeconomic Dynamics, Cambridge University Press, vol. 5(02), pages 180-203, April.
    7. Guesnerie, Roger, 1993. "Successes and failures in coordinating expectations," European Economic Review, Elsevier, vol. 37(2-3), pages 243-268, April.
    8. Randall Bausor, 1984. "Toward a Historically Dynamic Economics: Examples and Illustrations," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(3), pages 360-377, March.
    9. Penny Neal, 1996. "Keynesian Uncertainty in Credit Markets," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(3), pages 397-418, March.
    10. J. Barkley Rosser, 1999. "On the Complexities of Complex Economic Dynamics," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 169-192, Fall.
    11. Christiano, Lawrence J. & Eichenbaum, Martin, 1990. "Unit roots in real GNP: Do we know, and do we care?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 7-61, January.
    12. Paul Davidson, 1996. "Reality and Economic Theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(4), pages 479-508, July.
    13. Edward E. Williams & M. Chapman Findlay, 1986. "Risk and the Role of Failed Expectations in an Uncertain World," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 9(1), pages 32-47, September.
    14. Runde, Jochen, 1990. "Keynesian Uncertainty and the Weight of Arguments," Economics and Philosophy, Cambridge University Press, vol. 6(2), pages 275-292, October.
    15. Meltzer, Allan H., 1990. "Unit roots, investment measures and other essays," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 1-6, January.
    16. Tony Lawson, 1988. "Probability and Uncertainty in Economic Analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 11(1), pages 38-65, September.
    17. Loretan, Mico & Phillips, Peter C. B., 1994. "Testing the covariance stationarity of heavy-tailed time series: An overview of the theory with applications to several financial datasets," Journal of Empirical Finance, Elsevier, vol. 1(2), pages 211-248, January.
    18. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    19. Malcolm Rutherford, 1984. "Rational Expectations and Keynesian Uncertainty: A Critique," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(3), pages 377-388, March.
    20. O'Donnell, R M, 1990. "Keynes on Mathematics: Philosophical Foundations and Economic Applications," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(1), pages 29-47, March.
    21. Edward J. McKenna & Diane C. Zannoni, 1993. "Philosophical Foundations of Post Keynesian Economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 15(3), pages 395-407, March.
    22. Akerlof, George A, 1991. "Procrastination and Obedience," American Economic Review, American Economic Association, vol. 81(2), pages 1-19, May.
    23. Lipman, Barton L, 1991. "How to Decide How to Decide How to. . . : Modeling Limited Rationality," Econometrica, Econometric Society, vol. 59(4), pages 1105-1125, July.
    24. Esther-Mirjam Sent, 1996. "Convenience: The Mother of All Rationality in Sargent," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 19(1), pages 3-34, September.
    25. Poirier, Dale J, 1988. "Frequentist and Subjectivist Perspectives on the Problems of Model Building in Economics," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 121-144, Winter.
    26. Benoit Mandelbrot, 2015. "The Variation of Certain Speculative Prices," World Scientific Book Chapters, in: Anastasios G Malliaris & William T Ziemba (ed.), THE WORLD SCIENTIFIC HANDBOOK OF FUTURES MARKETS, chapter 3, pages 39-78, World Scientific Publishing Co. Pte. Ltd..
    27. Donald W. Katzner, 1990. "The Firm Under Conditions of Ignorance and Historical Time," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 13(1), pages 125-145, September.
    28. Frank, Jeff & Holmes, Peter, 1990. "A multiple equilibrium model of indicative planning," Journal of Comparative Economics, Elsevier, vol. 14(4), pages 791-806, December.
    29. Malcolm Rutherford, 1984. "Rational Expectations and Keynesian Uncertainty: A Critique," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(3), pages 377-387, April.
    30. Paul Davidson, 1983. "Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 5(2), pages 182-198, January.
    31. Paul Davidson, 1994. "Post Keynesian Macroeconomic Theory," Books, Edward Elgar Publishing, number 124.
    32. Douglas Vickers, 1986. "Time, Ignorance, Surprise, and Economic Decisions: A Comment on Williams and Findlay’s “Risk and the Role of Failed Expectations in an Uncertain World”," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 9(1), pages 48-57, September.
    33. Russell Cooper & Andrew John, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 103(3), pages 441-463.
    34. Fernando J. Cardim De Carvalho, 1988. "Keynes on Probability, Uncertainty, and Decision Making," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 11(1), pages 66-81, September.
    35. Martin H. Wolfson, 1996. "A Post Keynesian Theory of Credit Rationing," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(3), pages 443-470, March.
    36. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
    37. Coddington, Alan, 1982. "Deficient Foresight: A Troublesome Theme in Keynesian Economics," American Economic Review, American Economic Association, vol. 72(3), pages 480-487, June.
    38. William A. Brock & Cars H. Hommes, 2001. "A Rational Route to Randomness," Chapters, in: W. D. Dechert (ed.), Growth Theory, Nonlinear Dynamics and Economic Modelling, chapter 16, pages 402-438, Edward Elgar Publishing.
    39. Dennis L. Weisman, 1984. "Tobin on Keynes: A Suggested Interpretation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(3), pages 411-420, April.
    40. Randall Bausor, 1982. "Time and the Structure of Economic Analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 5(2), pages 163-179, December.
    41. John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
    42. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2.
    43. Paul Davidson, 1982. "Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 5(2), pages 182-198, December.
    44. Roy J. Rotheim, 1988. "Keynes and the Language of Probability and Uncertainty," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 11(1), pages 82-99, September.
    45. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(1), pages 111-135, January.
    46. William A. Brock, 1993. "Pathways to randomness in the economy: Emergent nonlinearity and chaos in economics and finance," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 8(1), pages 3-55.
    47. Murray Glickman, 1994. "The Concept of Information, Intractable Uncertainty, and the Current State of the "Efficient Markets" Theory: A Post Keynesian View," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(3), pages 325-349, April.
    48. Dennis L. Weisman, 1984. "Tobin on Keynes: A Suggested Interpretation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(3), pages 411-421, March.
    49. Robin Rowley & Omar Hamouda, 1987. "Troublesome Probability and Economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 10(1), pages 44-64, September.
    50. Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-595, September.
    51. Vercelli,Allessandro, 1991. "Methodological Foundations of Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521392945.
    52. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-225, June.
    53. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    54. Hommes, Cars & Sorger, Gerhard, 1998. "Consistent Expectations Equilibria," Macroeconomic Dynamics, Cambridge University Press, vol. 2(3), pages 287-321, September.
    55. Heiner, Ronald A., 1989. "The origin of predictable dynamic behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 12(2), pages 233-257, October.
    56. Sorger, Gerhard, 1998. "Imperfect foresight and chaos: an example of a self-fulfilling mistake," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 363-383, January.
    57. Randall Bausor, 1984. "Toward a Historically Dynamic Economics: Examples and Illustrations," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(3), pages 360-376, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lino Sau, 2013. "Instability and Crisis in Financial Complex Systems," Review of Political Economy, Taylor & Francis Journals, vol. 25(3), pages 496-511, July.
    2. Citera, Emanuele & Sau, Lino, 2019. "Complexity, Conventions and Instability: the role of monetary policy," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201924, University of Turin.
    3. Koellinger, Philipp & Minniti, Maria & Schade, Christian, 2007. ""I think I can, I think I can": Overconfidence and entrepreneurial behavior," Journal of Economic Psychology, Elsevier, vol. 28(4), pages 502-527, August.
    4. Mornati, Fiorenzo & Becchio, Giandomenica & Marchionatti, Roberto & Cassata, Francesco, 2009. ""Quando l'economica italiana non era seconda a nessuno" Luigi Einaudi e la Scuola di Economia a Torino," CESMEP Working Papers 200910, University of Turin.
    5. Hwan-Joo Seo & Han Sung Kim & Joonil Kim, 2016. "Does Shareholder Value Orientation or Financial Market Liberalization Slow Down Korean Real Investment?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(4), pages 633-660, December.
    6. Sophie van Huellen, 2020. "Approaches To Price Formation In Financialized Commodity Markets," Journal of Economic Surveys, Wiley Blackwell, vol. 34(1), pages 219-237, February.
    7. Alberto Feduzi, 2010. "On Keynes's conception of the Weight of Evidence," Post-Print hal-00870185, HAL.
    8. Koppl, Roger, 2010. "Some epistemological implications of economic complexity," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 859-872, December.
    9. David Dequech, 2008. "Varieties of uncertainty: a survey of the economic literature," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211223070, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    10. Feduzi, Alberto, 2010. "On Keynes's conception of the weight of evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 338-351, November.
    11. Hubert Gabrisch, 2021. "GARCH Analyses of Risk and Uncertainty in the Theories of the Interest Rate of Keynes and Kalecki," wiiw Working Papers 191, The Vienna Institute for International Economic Studies, wiiw.
    12. Dequech, David, 2006. "The new institutional economics and the theory of behaviour under uncertainty," Journal of Economic Behavior & Organization, Elsevier, vol. 59(1), pages 109-131, January.
    13. Daniele Tavani & Luke Petach, 2021. "Firm beliefs and long-run demand effects in a labor-constrained model of growth and distribution," Journal of Evolutionary Economics, Springer, vol. 31(2), pages 353-377, April.
    14. Bibiana Lanzilotta Mernies, 2016. "Taxonomia y Dinamica de las Expectativas Economicas de los Empresarios Industriales en Uruguay. Un Analisis de Conglomerados," Revista de Economía del Rosario, Universidad del Rosario, vol. 17(2), pages 229-256, February.
    15. Susan Schroeder, 2009. "Defining and detecting financial fragility: New Zealand's experience," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 36(3), pages 287-307, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bélyácz, Iván, 2013. "Várakozások, bizonytalanság, valószínűség. Értekezés a kockázat számszerűsítésének korlátairól [Expectations, uncertainty and probability. An assessment of the limits to the quantification of risk]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 749-780.
    2. Troy Tassier, 2013. "Handbook of Research on Complexity, by J. Barkley Rosser, Jr. and Edward Elgar," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 39(1), pages 132-133.
    3. Antonio Doria, Francisco, 2011. "J.B. Rosser Jr. , Handbook of Research on Complexity, Edward Elgar, Cheltenham, UK--Northampton, MA, USA (2009) 436 + viii pp., index, ISBN 978 1 84542 089 5 (cased)," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1-2), pages 196-204, April.
    4. Rosser, J. Jr. & Ahmed, Ehsan & Hartmann, Georg C., 2003. "Volatility via social flaring," Journal of Economic Behavior & Organization, Elsevier, vol. 50(1), pages 77-87, January.
    5. J. Barkley Rosser, Jr, 2011. "Post Keynesian Perspectives And Complex Ecologic–Economic Dynamics," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 96-121, February.
    6. J. Barkley Rosser, 1999. "On the Complexities of Complex Economic Dynamics," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 169-192, Fall.
    7. David Dequech, 2008. "Varieties of uncertainty: a survey of the economic literature," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211223070, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    8. Barbara Dluhosch, 2011. "European Economics at a Crossroads, by J. Barkley Rosser, Jr., Richard P. F. Holt, and David Colander," Journal of Regional Science, Wiley Blackwell, vol. 51(3), pages 629-631, August.
    9. Rosser Jr., J. Barkley, 2010. "Is a transdisciplinary perspective on economic complexity possible?," Journal of Economic Behavior & Organization, Elsevier, vol. 75(1), pages 3-11, July.
    10. J. Barkley Rosser Jr & Richard P.F. Holt & David Colander, 2010. "European Economics at a Crossroads," Books, Edward Elgar Publishing, number 13585.
    11. Barkley Rosser, J. Jr., 2001. "Complex ecologic-economic dynamics and environmental policy," Ecological Economics, Elsevier, vol. 37(1), pages 23-37, April.
    12. Hommes, Cars H., 2014. "Behaviorally Rational Expectations and Almost Self-Fulfilling Equilibria," Review of Behavioral Economics, now publishers, vol. 1(1-2), pages 75-97, January.
    13. Cars H. Hommes, 2009. "Bounded Rationality and Learning in Complex Markets," Chapters, in: J. Barkley Rosser Jr. (ed.), Handbook of Research on Complexity, chapter 5, Edward Elgar Publishing.
    14. Brock, W.A. & Hommes, C.H., 1997. "Models of Compelxity in Economics and Finance," Working papers 9706, Wisconsin Madison - Social Systems.
    15. Hommes, Cars, 2018. "Behavioral & experimental macroeconomics and policy analysis: a complex systems approach," Working Paper Series 2201, European Central Bank.
    16. J. Barkley Rosser, 2003. "A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 3-21.
    17. Goeree, Jacob K. & Hommes, Cars H., 2000. "Heterogeneous beliefs and the non-linear cobweb model," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 761-798, June.
    18. Franck Bessis & Guillemette de Larquier & John Latsis, 2009. "Are conventions solutions? Contrasting visions of the relationship between convention and uncertainty," Working Papers hal-04140883, HAL.
    19. William A. Brock & Cars H. Hommes, 2001. "A Rational Route to Randomness," Chapters, in: W. D. Dechert (ed.), Growth Theory, Nonlinear Dynamics and Economic Modelling, chapter 16, pages 402-438, Edward Elgar Publishing.
    20. Gaunersdorfer, A. & Hommes, C.H. & Wagener, F.O.O., 2000. "Bifurcation Routes to Volatility Clustering," CeNDEF Working Papers 00-04, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:23:y:2001:i:4:p:545-566. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MPKE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.