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Shackle and Keynes vs. Rational Expectations Theory and the Role of Time — Liquidity and Financial Markets

In: Unknowledge and Choice in Economics

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  • Paul Davidson

Abstract

In a paper remarkable for its ignorance of the difference between the nonprobabilistic macroeconomics of Keynes and Shackle vs. Keynesian macroeconomics, Lucas and Sargent (1979) note that ‘microfoundations’after Keynesian macroeconomics’ there is the necessity for developing a new theoretical path for modern macroeconomic theory.

Suggested Citation

  • Paul Davidson, 1990. "Shackle and Keynes vs. Rational Expectations Theory and the Role of Time — Liquidity and Financial Markets," Palgrave Macmillan Books, in: Stephen F. Frowen (ed.), Unknowledge and Choice in Economics, chapter 5, pages 64-80, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08097-7_5
    DOI: 10.1007/978-1-349-08097-7_5
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    Cited by:

    1. Marina Bianchi & Sergio Nisticò, 2018. "Shackle: an enquirer into choice," Working Papers 2018-03, Universita' di Cassino, Dipartimento di Economia e Giurisprudenza.

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