Should post-Keynesians make a behavioural turn?
This paper deals with the relationship between post-Keynesian and behavioural economics. I begin by responding critically to Paul Davidson's claim that Keynes was the first behavioural economist. Then I discuss some recent work in behavioural macroeconomics, which reveals some important strengths but also some fundamental weaknesses. Next I outline what (Old) behavioural economists have had to say about macroeconomics, beginning with the father of the school, Herbert Simon, and considering the contributions of some of his disciples. I then reverse the question and ask what post-Keynesians have had to say about behavioural economics, Old and New. I conclude by identifying some potential sources of difficulty and also suggesting some areas of macroeconomics where cooperation between post-Keynesians and behavioural economists seems especially promising.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 10 (2013)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.elgaronline.com/ejeep|
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.:
- Gillies Dostaler, 2007. "Keynes and his Battles," Books, Edward Elgar Publishing, number 1404, April.
- Ana C. Santos, 2011. "Behavioural and experimental economics: are they really transforming economics?," Cambridge Journal of Economics, Oxford University Press, vol. 35(4), pages 705-728.
- Matthew V. Fung, 2006. "Developments in behavioral finance and experimental economics and Post Keynesian finance theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 29(1), pages 19-39, October.
- Sent, Esther-Mirjam, 1997. "Sargent versus Simon: Bounded Rationality Unbound," Cambridge Journal of Economics, Oxford University Press, vol. 21(3), pages 323-338, May.
- J. Patrick Raines & Charles G. Leathers, 2011. "Behavioral finance and Post Keynesian-institutionalist theories of financial markets," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 33(4), pages 539-554, July.
- Hosseini, Hamid, 2011. "George Katona: A founding father of old behavioral economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(6), pages 977-984.
- Esther-Mirjam Sent, 2004. "Behavioral Economics: How Psychology Made Its (Limited) Way Back Into Economics," History of Political Economy, Duke University Press, vol. 36(4), pages 735-760, Winter.
- Paul De Grauwe, 2012. "Lectures on Behavioral Macroeconomics," Economics Books, Princeton University Press, edition 1, number 9891.
- Earl, Peter E., 1998. "Information, coordination and macroeconomics," Information Economics and Policy, Elsevier, vol. 10(3), pages 331-342, September.
- Therese Jefferson & J. E. King, 2010. "Can Post Keynesians make better use of behavioral economics?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 33(2), pages 211-234, January.
- George A. Akerlof, 2007. "The Missing Motivation in Macroeconomics," American Economic Review, American Economic Association, vol. 97(1), pages 5-36, March.
- Ian M. McDonald, 2009. "The Global Financial Crisis and Behavioural Economics," Economic Papers, The Economic Society of Australia, vol. 28(3), pages 249-254, 09.
- Matthew V. Fung, 2011. "The potential contributions of behavioral finance to Post Keynesian and institutionalist finance theories," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 33(4), pages 555-574, July.
- J. E. King, 2002. "A History of Post Keynesian Economics since 1936," Books, Edward Elgar Publishing, number 2135, April.
- Earl, Peter E. & Peng, Ti-Ching & Potts, Jason, 2007. "Decision-rule cascades and the dynamics of speculative bubbles," Journal of Economic Psychology, Elsevier, vol. 28(3), pages 351-364, June.
When requesting a correction, please mention this item's handle: RePEc:elg:ejeepi:v:10:y:2013:i:2:p231-242. 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: (Helen Craven)
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.