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Shackle and Keynes vs Rational Expectations Theory on the Role of Time, Liquidity and Financial Markets

In: Inflation, Open Economies and Resources

Author

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  • Paul Davidson

Abstract

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

Suggested Citation

  • Paul Davidson, 1991. "Shackle and Keynes vs Rational Expectations Theory on the Role of Time, Liquidity and Financial Markets," Palgrave Macmillan Books, in: Louise Davidson (ed.), Inflation, Open Economies and Resources, chapter 14, pages 144-158, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11516-7_14
    DOI: 10.1007/978-1-349-11516-7_14
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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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