Rational Behavior with Deficient Foresight
The Keynesian notion that economic decision making is subject to fundamental uncertainty (as opposed to probabilistic risk) is often dismissed by contemporary economists using familiar arguments about the presumed rationality of the expectations formation process. The paper argues that this line of reasoning is invalid. The key issues involved do not concern the rationality, or otherwise, of economic agents, at least as the term "rational" seems to be understood by the majority of economists, but lie elsewhere.
Volume (Year): 14 (1988)
Issue (Month): 3 (Jul-Sep)
|Contact details of provider:|| Postal: |
Phone: (201) 684-7346
Web page: http://www.ramapo.edu/eea/journal.html
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Shackle, G L S, 1973. "Keynes and Today's Establishment in Economic Theory: A View," Journal of Economic Literature, American Economic Association, vol. 11(2), pages 516-19, June.
When requesting a correction, please mention this item's handle: RePEc:eej:eeconj:v:14:y:1988:i:3:p:277-285. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Victor Matheson, College of the Holy Cross)
If references are entirely missing, you can add them using this form.