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.
Volume (Year): 10 (2013)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.elgaronline.com/ejeep|
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.
- 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.
- 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.
- 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.
- J. E. King, 2002. "A History of Post Keynesian Economics since 1936," Books, Edward Elgar Publishing, number 2135.
- 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.
- 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.
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 references are entirely missing, you can add them using this form.