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Phillips curves, behavioral economics and post-Keynesian macroeconomics

In: Post-Keynesian Economics for the Future

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  • Peter Skott

Abstract

Post-Keynesians have questioned the relevance of behavioral economics on methodological grounds, citing the predominant focus of the behavioral literature on possible deviations of individual behavior from extreme standards of perfect optimization. The very limited influence of behavioral economics on post-Keynesian economics is unfortunate, however: it would be a serious mistake to ignore the insights and empirical evidence from behavioral economics. The influence of norms of fairness on wage formation and inflation is used to illustrate this argument.

Suggested Citation

  • Peter Skott, 2024. "Phillips curves, behavioral economics and post-Keynesian macroeconomics," Chapters, in: Jesper Jespersen & Finn Olesen & Mikael R. Byrialsen (ed.), Post-Keynesian Economics for the Future, chapter 8, pages 124-139, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22103_8
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035307517.00016
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    Keywords

    Economics and Finance;

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