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Rational Behavior with Deficient Foresight

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  • Omar F. Hamouda
  • John N. Smithin

Abstract

The Keynesian notion that economic decision making is subject to fundamental uncertainty (as opposed to probabilistic risk) is often dismissed by contemporary economists using familiar arguments about the presumed rationality of the expectations formation process. The paper argues that this line of reasoning is invalid. The key issues involved do not concern the rationality, or otherwise, of economic agents, at least as the term "rational" seems to be understood by the majority of economists, but lie elsewhere.

Suggested Citation

  • Omar F. Hamouda & John N. Smithin, 1988. "Rational Behavior with Deficient Foresight," Eastern Economic Journal, Eastern Economic Association, vol. 14(3), pages 277-285, Jul-Sep.
    • Handle: RePEc:eej:eeconj:v:14:y:1988:i:3:p:277-285
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume14/V14N3P277_285.pdf
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    References listed on IDEAS

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    1. Shackle, G L S, 1973. "Keynes and Today's Establishment in Economic Theory: A View," Journal of Economic Literature, American Economic Association, vol. 11(2), pages 516-519, June.
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    Cited by:

    1. Modenesi, Rui Lyrio & Modenesi, André de Melo & Martins, Norberto Montani & Fontaine, Patrick, 2015. "Restructuring the Economic Policy Framework in Brazil: Genuine or Gattopardo change?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 17.

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