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Uncertainty, Social Norms and Consumption Theory: Post and New Keynesian Approaches


  • Jan-Oliver Menz

    () (Department for Economics and Politics, University of Hamburg)


Consumption theory has always been a neglected eld in Post Keynesian economics, whereas it is at the center of New Keynesian economics. This paper investigates similarities and di erences between the two approaches. I will show that the newer mainstream models indeed give results that are fairly similar, even if di erences, especially concerning methodological questions, still remain. Building on insights from Economic Sociology and Behavioral Economics, the importance for consumption theory of an adequate treatment of risk and uncertainty on the one hand and the role of social norms on the other hand is emphasized.

Suggested Citation

  • Jan-Oliver Menz, 2009. "Uncertainty, Social Norms and Consumption Theory: Post and New Keynesian Approaches," Macroeconomics and Finance Series 200901, Hamburg University, Department Wirtschaft und Politik.
  • Handle: RePEc:hep:macppr:200901

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    References listed on IDEAS

    1. Mitchell A. Petersen & Raghuram G. Rajan, 1995. "The Effect of Credit Market Competition on Lending Relationships," The Quarterly Journal of Economics, Oxford University Press, vol. 110(2), pages 407-443.
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    4. Jeremy Edwards & Sheilagh Ogilvie, 1996. "Universal banks and German industrialization: a reappraisal," Economic History Review, Economic History Society, vol. 49(3), pages 427-446, August.
    5. Knorr Cetina, Karin, 2007. "Economic sociology and the sociology of finance: Four distinctions, two developments, one field?," economic sociology_the european electronic newsletter, Max Planck Institute for the Study of Societies, vol. 8(3), pages 4-10.
    6. Bart Nooteboom, 2007. "Social capital, institutions and trust," Review of Social Economy, Taylor & Francis Journals, vol. 65(1), pages 29-53.
    7. Allen, Franklin & Gale, Douglas, 1997. "Financial Markets, Intermediaries, and Intertemporal Smoothing," Journal of Political Economy, University of Chicago Press, vol. 105(3), pages 523-546, June.
    8. Rin, Marco Da, 1996. "Understanding the development of the German Kreditbanken, 1850–1914: an approach from the economics of information," Financial History Review, Cambridge University Press, vol. 3(01), pages 29-47, April.
    9. Lazaric Nathalie & Lorenz Edward, 1998. "Trust and Economic Learning," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 8(2-3), pages 1-10, June.
    10. Timothy W. Guinnane, 2002. "Delegated Monitors, Large and Small: Germany's Banking System, 1800–1914," Journal of Economic Literature, American Economic Association, vol. 40(1), pages 73-124, March.
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    More about this item


    Uncertainty; Social Norms; Consumption Theory; Post Keynesianism; New Keynesianism;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory


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