The Continuing Relevance of Keynes's Philosophical Thinking: Reflexivity, Complexity, and Uncertainty
This paper explains the continuing relevance of Keynes’s philosophical thinking in terms of his anticipation of complexity thinking in economics. It argues that that reflexivity is a central feature of the philosophical foundations of complexity theory, and shows that Keynes employed an understanding of reflexivity in both his philosophical and economic thinking. This argument is first developed in terms of his moral science conception of economics and General Theory beauty contest analysis. The paper advances a causal model that distinguishes direct causal relationships and reflexive feedback channels, uses this to distinguish Say’s Law economics and Keynes's economics, and explains the economy as non-ergodic in these terms. Keynes’s policy activism is explained as a complexity view of economic policy that works like self-fulfilling and self-defeating prophecies. The paper closes with a discussion of the ontological foundations of uncertainty in Keynes's thinking, and comments briefly on what a complexity-reflexivity framework implies regarding his thinking about time.
|Date of creation:||Dec 2016|
|Contact details of provider:|| Postal: 250, rue Albert Einstein, 06560 Valbonne|
Web page: http://www.gredeg.cnrs.fr
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Roberto Marchionatti, 2010.
"J. M. Keynes, thinker of economic complexity,"
History of Economic Ideas,
Fabrizio Serra Editore, Pisa - Roma, vol. 18(2), pages 115-146.
- Marchionatti Roberto, 2009. "J. M. Keynes, thinker of economic complexity," CESMEP Working Papers 200902, University of Turin.
- Sheila C. Dow, 2015. "Addressing uncertainty in economics and the economy," Cambridge Journal of Economics, Oxford University Press, vol. 39(1), pages 33-47.
- Anna M. Carabelli & Mario A. Cedrini, 2014. "Chapter 18 of The General Theory ‘further analysed’: economics as a way of thinking," Cambridge Journal of Economics, Oxford University Press, vol. 38(1), pages 23-47.
- Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457, December. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:gre:wpaper:2016-36. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Patrice Bougette)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.