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Narrative Economics and Behavioral Economics: contributions to the behavioral insights on post-Keynesian theory

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  • Gabriel Vilela Resende Freitas

Abstract

The objective of this review is to discuss the formation of knowledge proposed by Keynes on his Treatise on Probability, and the economic agents’ behavior in an uncertainty scenario presented on his General Theory, by the Narrative Economics’ and Behavioral Economics perspectives. The hypothesis that will be analyzed is that in a keynesian uncertainty scenario, economic agents tend to act according to their context (social, geographic, historic, cultural) spreading narratives by which they identify themselves and orient decisions that cause sensible movements on the economic aggregates. Revisiting the literature, we could conclude that by bringing together the behavioral economy and the narrative economy theory, we could, from the Keynes’ insights on his writings, perceive strong empirical evidence that can be analytically important on the assessment of the economic fluctuations. JEL Classification: B50.

Suggested Citation

  • Gabriel Vilela Resende Freitas, 2021. "Narrative Economics and Behavioral Economics: contributions to the behavioral insights on post-Keynesian theory," Brazilian Journal of Political Economy, Center of Political Economy, vol. 41(2), pages 372-384.
    • Handle: RePEc:ekm:repojs:v:41:y:2021:i:2:p:372-384:id:2158
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    More about this item

    Keywords

    Keynes; Narrative Economics; Behavioral Economics;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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