Technical Change and formation of expectations
The aim of this paper is to discuss the implications for the process of expectations formation assumed by Keynes and the Post Keynesians when technical change, as understood by the Evolutionary and Institutional school of thought, is taken into account. The claim made here is that the traditional division of expectations in Short and Longâ€“Period is insufficient to deal with all features of technical change, and so, a new type of expectations (Medium-Period) is proposed. Moreover, it is claimed that the independence among different types of expectations cannot stand when Medium-Period Expectations is take into account. The discussion will be done as follow: in the next two sections brief expositions of both Keynesâ€™s and Institutionalistâ€™s approaches are done; in section three the implications of technical change to the process of formation of expectations are analysed and in section four some conclusions are draw.
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References listed on IDEAS
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- Cimoli, Mario & Dosi, Giovanni, 1995. "Technological Paradigms, Patterns of Learning and Development: An Introductory Roadmap," Journal of Evolutionary Economics, Springer, vol. 5(3), pages 243-268, September.
- Perez, Carlota, 1985. "Microelectronics, long waves and world structural change: New perspectives for developing countries," World Development, Elsevier, vol. 13(3), pages 441-463, March.
- Nicholas Kaldor & James A. Mirrlees, 1962. "A New Model of Economic Growth," Review of Economic Studies, Oxford University Press, vol. 29(3), pages 174-192.
- Freeman, Chris, 1994. "The Economics of Technical Change," Cambridge Journal of Economics, Oxford University Press, vol. 18(5), pages 463-514, October.
- Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-225, June.
- Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457.
- Mark Setterfield, 1999. "Expectations, Path Dependence and Effective Demand: A Macroeconomic Model along Keynesian Lines," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(3), pages 479-501, April.
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