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Uncertainty In Neoclassical And Keynesian Theoretical Approaches: A Behavioural Perspective

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  • Sinziana BALTATESCU

    (Faculty of Economics and Business Administration, Al. I. Cuza University of Iasi, Romania)

Abstract

The ”mainstream” neoclassical assumptions about human economic behavior are currently challenged by both behavioural researches on human behaviour and other theoretical approaches which, in the context of the recent economic and financial crisis find arguments to reinforce their theoretical statements. The neoclassical “perfect rationality” assumption is most criticized and provokes the mainstream theoretical approach to efforts of revisiting the theoretical framework in order to re-state the economic models validity. Uncertainty seems, in this context, to be the concept that allows other theoretical approaches to take into consideration a more realistic individual from the psychological perspective. This paper is trying to present a comparison between the neoclassical and Keynesian approach of the uncertainty, considering the behavioural arguments and challenges addressed to the mainstream theory.

Suggested Citation

  • Sinziana BALTATESCU, 2015. "Uncertainty In Neoclassical And Keynesian Theoretical Approaches: A Behavioural Perspective," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 7(3), pages 682-688, September.
    • Handle: RePEc:jes:wpaper:y:2015:v:7:i:3:p:682-688
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    File URL: http://www.ceswp.uaic.ro/articles/CESWP2015_VII3_BAL.pdf
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    References listed on IDEAS

    as
    1. Fernando Ferrari-Filho & Octavio Augusto Camargo Conceição, 2005. "The Concept of Uncertainty in Post Keynesian Theory and in Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 39(3), pages 579-594, September.
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    More about this item

    Keywords

    Neoclassical approach; Keynesian approach; uncertainty; bounded rationality; behavioural economics;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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