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Should post-Keynesians make a behavioural turn?

  • John E. King

    (La Trobe University)

Registered author(s):

    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.

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    File URL: http://www.elgaronline.com/abstract/journals/ejeep/10-2/ejeep.2013.02.07.xml
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    Article provided by Edward Elgar Publishing in its journal European Journal of Economics and Economic Policies: Intervention.

    Volume (Year): 10 (2013)
    Issue (Month): 2 ()
    Pages: 231-242

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    Handle: RePEc:elg:ejeepi:v:10:y:2013:i:2:p231-242
    Contact details of provider: Web page: http://www.elgaronline.com/ejeep

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    1. Paul De Grauwe, 2012. "Lectures on Behavioral Macroeconomics," Economics Books, Princeton University Press, edition 1, number 9891, 06-2016.
    2. Sent, Esther-Mirjam, 1997. "Sargent versus Simon: Bounded Rationality Unbound," Cambridge Journal of Economics, Oxford University Press, vol. 21(3), pages 323-38, May.
    3. 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.
    4. George A. Akerlof, 2007. "The Missing Motivation in Macroeconomics," American Economic Review, American Economic Association, vol. 97(1), pages 5-36, March.
    5. Earl, Peter E., 1998. "Information, coordination and macroeconomics," Information Economics and Policy, Elsevier, vol. 10(3), pages 331-342, September.
    6. 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.
    7. 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.
    8. 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.
    9. Gillies Dostaler, 2007. "Keynes and his Battles," Books, Edward Elgar Publishing, number 1404.
    10. 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.
    11. 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.
    12. J. E. King, 2002. "A History of Post Keynesian Economics since 1936," Books, Edward Elgar Publishing, number 2135.
    13. 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.
    14. 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.
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