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J. M. Keynes, thinker of economic complexity

The paper reconstructs Keynes’s conception of the nature and method of economics focusing on The Theory of Probability and The General Theory and shows that Keynes’s theoretical work as an economist was an attempt to cope with the complexity of the economic world and the organic interdependence of the economic variables. Keynes offers a theoretical framework where the macroscopic outcome of the model is the result of the interaction of heterogeneous and not fully rational agents that revise their behaviour as they accumulate information. In the presence of true uncertainty the interactions of agents generate macro-instability and out-ofequilibrium paths. This approach has much in common with the approaches to complexity that have recently emerged.

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File URL: http://www.cesmep.unito.it/WP/2009/2_WP_Cesmep.pdf
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Paper provided by University of Turin in its series CESMEP Working Papers with number 200902.

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Length: 31 pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:uto:cesmep:200902
Contact details of provider: Web page: http://www.unito.it/

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  1. Bateman, Bradley W., 1987. "Keynes's Changing Conception of Probability," Economics and Philosophy, Cambridge University Press, vol. 3(01), pages 97-119, April.
  2. Garrone Giovanna & Marchionatti Roberto, 2007. "The appropriate style of economic discourse. Keynes on Economics and Econometrics," CESMEP Working Papers 200702, University of Turin.
  3. Marchionatti, Roberto, 1999. "On Keynes' Animal Spirits," Kyklos, Wiley Blackwell, vol. 52(3), pages 415-39.
  4. Marchionatti Roberto, 2002. "Dealing with complexity Marshall and Keynes on the nature of economic thinking," CESMEP Working Papers 200201, University of Turin.
  5. Coddington, Alan, 1976. "Keynesian Economics: The Search for First Principles," Journal of Economic Literature, American Economic Association, vol. 14(4), pages 1258-73, December.
  6. Roy J. Rotheim, 1990. "Organicism and the Role of the Individual in Keynes' Thought," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 12(2), pages 316-326, January.
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