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Can Post Keynesians make better use of behavioral economics?

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  • Therese Jefferson
  • J. E. King

Abstract

In recent decades, there has been a growth in economic research programs loosely described as behavioral economics. Despite calls for closer engagement between behavioral and Post Keynesian economics, the impact of behavioral economics on the Post Keynesian literature remains relatively limited. In this paper, we examine the nature of behavioral economics and the case made by those who claim or demonstrate that it can make a contribution to Post Keynesianism. We also consider why to date behavioral economics has had such a restricted effect. We conclude that there is scope for further successful engagement between behavioral economics and Post Keynesian economics if it is based on explicitly stated common ground, defined in terms of methodology.

Suggested Citation

  • Therese Jefferson & J. E. King, 2010. "Can Post Keynesians make better use of behavioral economics?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(2), pages 211-234, January.
    • Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:211-234
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    Citations

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    Cited by:

    1. Javier López Bernardo & Engelbert Stockhammer & Félix López Martínez, 2016. "A post Keynesian theory for Tobin’s in a stock-flow consistent framework," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 39(2), pages 256-285, April.
    2. Lorenzo Esposito & Giuseppe Mastromatteo, "undated". "In the Long Run We Are All Herd: On the Nature and Outcomes of the Beauty Contest," Economics Working Paper Archive wp_972, Levy Economics Institute.
    3. Heise, Arne, 2018. "Postkeynesianismus: Ein heterodoxer Ansatz auf der Suche nach einer Fundierung," ZÖSS-Discussion Papers 69, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    4. repec:clr:wugarc:y:2013:v:39i:4p:485 is not listed on IDEAS
    5. J. E. King, 2012. "Post Keynesians and Others," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 305-319, April.
    6. John E. King, 2013. "Should post-Keynesians make a behavioural turn?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(2), pages 231-242.
    7. Heise, Arne, 2019. "Post-Keynesian Economics - Challenging the Neo-Classical Mainstream," MPRA Paper 99280, University Library of Munich, Germany.
    8. Ronald Schettkat, 2018. "The Behavioral Economics of John Maynard Keynes," Schumpeter Discussion Papers sdp18007, Universitätsbibliothek Wuppertal, University Library.

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