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Post-Keynesian Theory of Choice

Author

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  • Drakopoulos, Stavros A.

Abstract

This short paper is the entry on Post-Keynesian theory of choice for the Encyclopedia of Political Economy (ed. by P. A O’Hara, London: Routledge, 1999). The entry describes the main characteristics of a Post Keynesian theory of household choice. Elements of Post Keynesian oriented theory of choice can be found in the works of J. Robinson, L. Passinetti, N. Georgescu-Roegen, A. Eichner, E.J. Nell, P. Earl, M. Lavoie and in J.M. Keynes himself. The underlying framework can be described in terms of six principles: 1) Procedural Rationality, 2) Satiable Wants 3) Separability of Needs 4) Needs Hierarchy 5) Growth of Needs and 6) Non-independence.

Suggested Citation

  • Drakopoulos, Stavros A., 1999. "Post-Keynesian Theory of Choice," MPRA Paper 92043, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:92043
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    File URL: https://mpra.ub.uni-muenchen.de/92043/1/MPRA_paper_92043.pdf
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    References listed on IDEAS

    as
    1. Drakopoulos, S A, 1992. "Keynes' Economic Thought and the Theory of Consumer Behaviour," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(3), pages 318-336, August.
    2. Drakopoulos, S A, 1994. "Hierarchical Choice in Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 8(2), pages 133-153, June.
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    Citations

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    Cited by:

    1. Kyle Glenn, 2021. "How Do We Choose? Towards an Alternative Theory of Consumer Behavior," Working Papers 2114, New School for Social Research, Department of Economics.
    2. Lavoie, Marc, 2004. "Post Keynesian consumer theory: Potential synergies with consumer research and economic psychology," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 639-649, October.
    3. Olivier Allain, 2021. "A supermultiplier model of the natural rate of growth," Metroeconomica, Wiley Blackwell, vol. 72(3), pages 612-634, July.

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    More about this item

    Keywords

    Post-Keynesian Theory of Choice; Economic Rationality; Heterodox choice theories;
    All these keywords.

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • D10 - Microeconomics - - Household Behavior - - - General

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