IDEAS home Printed from https://ideas.repec.org/p/bwu/schdps/sdp18008.html
   My bibliography  Save this paper

Animal Spirits - Die Verhaltensökonomischen Grundlagen der Keynesschen Theorie

Author

Listed:
  • Ronald Schettkat

Abstract

Keynes' General Theory (GT) ist in zweierlei Hinsicht umfassender als das (neo-) klassische Modell - (1) sie schließt das Vollbeschäftigungsgleichgewicht als Sonderfall ein und (2) sie basiert auf realistischem mikroökonomischem Verhalten, dessen sozial isolierter, den Eigennutz maximierender homo oeconomicus der neoklassischen Ökonomie allenfalls ein ganz spezieller Fall ist. Keynes' Mikro basiert auf verhaltensökonomischen Grundlagen, die durch die Neurowissenschaften und die Experimente der Behavioral Economics eindrucksvoll bestätigt werden.

Suggested Citation

  • Ronald Schettkat, 2018. "Animal Spirits - Die Verhaltensökonomischen Grundlagen der Keynesschen Theorie," Schumpeter Discussion Papers sdp18008, Universitätsbibliothek Wuppertal, University Library.
    • Handle: RePEc:bwu:schdps:sdp18008
    as

    Download full text from publisher

    File URL: https://elekpub.bib.uni-wuppertal.de/ubwhsmig/download/pdf/7352212?originalFilename=true
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Barens, Ingo, 2011. "“Animal Spirits” in John Maynard Keynes’s General Theory of Employment, Interest and Money : Some Short and Sceptical Remarks," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 77465, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 99-118.
    3. Thorstein Veblen, 1899. "Mr. Cummings's Strictures on "The Theory of the Leisure Class"," Journal of Political Economy, University of Chicago Press, vol. 8(1), pages 106-106.
    4. Hyman P. Minsky, 1977. "The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to“Standard” Theory," Challenge, Taylor & Francis Journals, vol. 20(1), pages 20-27, March.
    5. Clark, Andrew E., 1999. "Are wages habit-forming? evidence from micro data," Journal of Economic Behavior & Organization, Elsevier, vol. 39(2), pages 179-200, June.
    6. Weitzman, Martin L, 1982. "Increasing Returns and the Foundations of Unemployment Theory," Economic Journal, Royal Economic Society, vol. 92(368), pages 787-804, December.
    7. Dohmen, Thomas & Falk, Armin & Fliessbach, Klaus & Sunde, Uwe & Weber, Bernd, 2011. "Relative versus absolute income, joy of winning, and gender: Brain imaging evidence," Journal of Public Economics, Elsevier, vol. 95(3), pages 279-285.
    8. Freeman, Richard B, 1978. "Job Satisfaction as an Economic Variable," American Economic Review, American Economic Association, vol. 68(2), pages 135-141, May.
    9. Krueger, Alan B & Summers, Lawrence H, 1988. "Efficiency Wages and the Inter-industry Wage Structure," Econometrica, Econometric Society, vol. 56(2), pages 259-293, March.
    10. Sheila C. Dow & Alexander Dow, 2012. "Animal Spirits and Rationality," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 3, pages 33-51, Palgrave Macmillan.
    11. Ronald Schettkat & Rongrong Sun, 2009. "Monetary policy and European unemployment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(1), pages 94-108, Spring.
    12. James L. Medoff & Katharine G. Abraham, 1980. "Experience, Performance, and Earnings," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 95(4), pages 703-736.
    13. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    14. James L. Medoff & Katharine G. Abraham, 1981. "Are Those Paid More Really More Productive? The Case of Experience," Journal of Human Resources, University of Wisconsin Press, vol. 16(2), pages 186-216.
    15. Clark, Andrew E. & Oswald, Andrew J., 1996. "Satisfaction and comparison income," Journal of Public Economics, Elsevier, vol. 61(3), pages 359-381, September.
    16. Daniel Kahneman & Jack L. Knetsch & Richard H. Thaler, 1991. "Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 193-206, Winter.
    17. Arrow, Kenneth J, 1978. "The Future and the Present in Economic Life," Economic Inquiry, Western Economic Association International, vol. 16(2), pages 157-169, April.
    18. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    19. Armin Falk & Ernst Fehr & Christian Zehnder, "undated". "The Behavioral Effects of Minimum Wages," IEW - Working Papers 247, Institute for Empirical Research in Economics - University of Zurich.
    20. Robinson, Joan, 1980. "Time in Economic Theory," Kyklos, Wiley Blackwell, vol. 33(2), pages 219-229.
    21. Fliessbach, Klaus & Weber, Bernd & Trautner, P. & Dohmen, Thomas J. & Sunde, Uwe & Elger, C. E. & Falk, Armin, 2007. "Social comparison affects reward-related brain activity in the human ventral striatum," Munich Reprints in Economics 20362, University of Munich, Department of Economics.
    22. Schettkat, Ronald, 1994. "Flexibility through labour mobility: A function of the macroeconomy," Structural Change and Economic Dynamics, Elsevier, vol. 5(2), pages 383-392, December.
    23. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
    24. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-1255, December.
    25. Kim B. Clark & Lawrence H. Summers, 1982. "Labour Force Participation: Timing and Persistence," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(5), pages 825-844.
    26. Schlicht, Ekkehart, 1978. "Labour Turnover, Wage Structure, and Natural Unemployment," Munich Reprints in Economics 1255, University of Munich, Department of Economics.
    27. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
    28. Bewley, Truman F, 1995. "A Depressed Labor Market as Explained by Participants," American Economic Review, American Economic Association, vol. 85(2), pages 250-254, May.
    29. Arrow, Kenneth J, 1986. "Rationality of Self and Others in an Economic System," The Journal of Business, University of Chicago Press, vol. 59(4), pages 385-399, October.
    30. Ronald Schettkat, 1993. "Compensating Differentials? Wage Differentials and Employment Stability in the U.S. and German Economies," Journal of Economic Issues, Taylor & Francis Journals, vol. 27(1), pages 153-170, March.
    31. Lucas, Robert E, Jr, 1986. "Adaptive Behavior and Economic Theory," The Journal of Business, University of Chicago Press, vol. 59(4), pages 401-426, October.
    32. Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, vol. 69(4), pages 493-513, September.
    33. Daniel Kahneman & Richard H. Thaler, 2006. "Anomalies: Utility Maximization and Experienced Utility," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 221-234, Winter.
    34. Sheila C. Dow, 2012. "Foundations for New Economic Thinking," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-00072-9.
    35. Kahneman, Daniel, 2002. "Maps of Bounded Rationality," Nobel Prize in Economics documents 2002-4, Nobel Prize Committee.
    36. F. H. Hahn, 1977. "Keynesian Economics and General Equilibrium Theory: Reflections on Some Current Debates," International Economic Association Series, in: G. C. Harcourt (ed.), The Microeconomic Foundations of Macroeconomics, chapter 1, pages 25-40, Palgrave Macmillan.
    37. John Komlos, 2014. "Behavioral Indifference Curves," NBER Working Papers 20240, National Bureau of Economic Research, Inc.
    38. Kalmbach, Peter, 1985. "Lohnhöhe und Beschäftigung: Ein Evergreen der wirtschaftspolitischen Debatte," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1949 - 2007), ZBW - Leibniz Information Centre for Economics, vol. 65(7), pages 370-376.
    39. Joan Robinson, 1980. "Time In Economic Theory," Kyklos, Wiley Blackwell, vol. 33(2), pages 219-229, May.
    40. Barens, Ingo, 2011. ""Animal spirits" in John Maynard Keynes's general theory of employment, interest and money: Some short and sceptical remarks," Darmstadt Discussion Papers in Economics 201, Darmstadt University of Technology, Department of Law and Economics.
    41. Ronald SCHETTKAT, 2010. "Will only an earthquake shake up economics?," International Labour Review, International Labour Organization, vol. 149(2), pages 185-207, June.
    42. Veblen, Thorstein, 1899. "The Theory of the Leisure Class," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1899.
    43. Solow, Robert M., 1979. "Another possible source of wage stickiness," Journal of Macroeconomics, Elsevier, vol. 1(1), pages 79-82.
    44. Armin Falk & Ernst Fehr & Christian Zehnder, 2006. "Fairness Perceptions and Reservation Wages—the Behavioral Effects of Minimum Wage Laws," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 121(4), pages 1347-1381.
    45. Peter Howitt, 1986. "The Keynesian Recovery," Canadian Journal of Economics, Canadian Economics Association, vol. 19(4), pages 626-641, November.
    46. Daniel Ellsberg, 1961. "Risk, Ambiguity, and the Savage Axioms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 75(4), pages 643-669.
    Full references (including those not matched with items on IDEAS)

    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. Ronald Schettkat, 2018. "The Behavioral Economics of John Maynard Keynes," Schumpeter Discussion Papers sdp18007, Universitätsbibliothek Wuppertal, University Library.
    2. Ronald Schettkat, 2020. "Micro-Foundations of Diverging Economic Policies: Keynesian, Behavioural, Neoclassic," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(2), pages 105-111, March.
    3. Ronald Schettkat, 2018. "Revision or Revolution? A Note on Behavioral vs. Neoclassical Economics," Schumpeter Discussion Papers sdp18005, Universitätsbibliothek Wuppertal, University Library.
    4. Dohmen, Thomas, 2014. "Behavioral labor economics: Advances and future directions," Labour Economics, Elsevier, vol. 30(C), pages 71-85.
    5. Daniele SCHILIRÒ, 2013. "Bounded Rationality: Psychology, Economics And The Financial Crises," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 4(1), pages 97-108.
    6. Ronald Schettkat & Sonja Jovicic, 2016. "Macroeconomic revolution on shaky grounds: Lucas/Sargent critique’s inherent contradictions," Schumpeter Discussion Papers SDP16005, Universitätsbibliothek Wuppertal, University Library.
    7. Mario GRAZIANO & Daniele SCHILIRÒ, 2011. "Rationality And Choices In Economics: Behavioral And Evolutionary Approaches," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 2(2), pages 182-195.
    8. Schilirò, Daniele & Graziano, Mario, 2011. "Scelte e razionalità nei modelli economici: un'analisi multidisciplinare [Choices and rationality in economic models: a multidisciplinary analysis]," MPRA Paper 31910, University Library of Munich, Germany.
    9. Andrew E. Clark & Claudia Senik, 2010. "Will GDP growth increase happiness in developing countries?," PSE Working Papers halshs-00564985, HAL.
    10. Aronsson, Thomas & Johansson-Stenman, Olof, 2014. "Positional preferences in time and space: Optimal income taxation with dynamic social comparisons," Journal of Economic Behavior & Organization, Elsevier, vol. 101(C), pages 1-23.
    11. Spahn Peter, 2009. "The New Keynesian Microfoundation of Macroeconomics," Review of Economics, De Gruyter, vol. 60(3), pages 181-203, December.
    12. Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2014. "A theory of wage adjustment under loss aversion," Kiel Working Papers 1977, Kiel Institute for the World Economy (IfW Kiel).
    13. Oindrila Dey & Swapnendu Banerjee, 2022. "Incentives, Status and Thereafter: A Critical Survey," South Asian Journal of Macroeconomics and Public Finance, , vol. 11(1), pages 95-115, June.
    14. Kai D. Schmid, 2010. "Medium-run macrodynamics and the consensus view of stabilization policy," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 322/2010, Department of Economics, University of Hohenheim, Germany.
    15. Altman, Morris, 2014. "Insights from behavioral economics on how labor markets work," Working Paper Series 3466, Victoria University of Wellington, School of Economics and Finance.
    16. Axel Ockenfels & Dirk Sliwka & Peter Werner, 2015. "Bonus Payments and Reference Point Violations," Management Science, INFORMS, vol. 61(7), pages 1496-1513, July.
    17. Felix R. FitzRoy & Michael A. Nolan & Max F. Steinhardt & David Ulph, 2011. "So Far so Good: Age, Happiness, and Relative Income," SOEPpapers on Multidisciplinary Panel Data Research 415, DIW Berlin, The German Socio-Economic Panel (SOEP).
    18. Andrew E. Clark & Paul Frijters & Michael A. Shields, 2006. "Income and happiness: Evidence, explanations and economic implications," PSE Working Papers halshs-00590436, HAL.
    19. Daniele Schilirò, 2012. "Bounded Rationality And Perfect Rationality: Psychology Into Economics," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 3(2), pages 99-108.
    20. Bilancini, Ennio & D'Alessandro, Simone, 2012. "Long-run welfare under externalities in consumption, leisure, and production: A case for happy degrowth vs. unhappy growth," Ecological Economics, Elsevier, vol. 84(C), pages 194-205.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:bwu:schdps:sdp18008. 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: Frank Hoffmann (email available below). General contact details of provider: http://elpub.bib.uni-wuppertal.de .

    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.