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Behavioral economists should make a turn and learn from Keynes and Post Keynesian economics

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  • Paul Davidson

Abstract

This paper indicates that Keynes's General Theory provided many examples of actual behavior that differed from that predicted by classical theoryâthe mainstream economics of Keynes's time. This behavior included herd behavior in financial markets, the use of conventions, decisions made under uncertainty that differ from decisions made under probabilistic risk, and so forth. Recent MRI evidence by neural scientists indicates that different parts of the brain are involved when decisions are made under risk conditions (with probabilities of outcomes known) and uncertainty conditions (where no probabilities of outcomes are known). Keynes was the first behavioral scientist!

Suggested Citation

  • Paul Davidson, 2010. "Behavioral economists should make a turn and learn from Keynes and Post Keynesian economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(2), pages 251-254, January.
    • Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:251-254
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    Citations

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    Cited by:

    1. Detzer, Daniel & Herr, Hansjörg, 2014. "Theories of financial crises: An overview," IPE Working Papers 32/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. Heise, Arne, 2018. "Postkeynesianismus: Ein heterodoxer Ansatz auf der Suche nach einer Fundierung," ZÖSS-Discussion Papers 69, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    3. Sacha Bourgeois-Gironde & Marianne Guille, 2011. "Keynes's animal spirits vindicated: an analysis of recent empirical and neural data on money illusion," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(2), pages 331-352.
    4. Felipe Almeida, 2014. "A Psychological Perspective Of Keynes’S Approach To Decision-Making," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41st Brazilian Economics Meeting] 008, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    5. Daniel Detzer & Hansjorg Herr, 2014. "Theories of Financial Crises," Working papers wpaper25, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    6. Angel Asensio, 2013. "Teaching Keynes’s theory to neoclassically formed minds," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 10, pages 163-186, Edward Elgar Publishing.
    7. Heise, Arne, 2019. "Post-Keynesian Economics - Challenging the Neo-Classical Mainstream," MPRA Paper 99280, University Library of Munich, Germany.

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