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Still More Keynesian Economics

In: Studies in Banking Theory, Financial History and Vertical Control

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  • M. L. Burstein

Abstract

In a long reach of history, Keynes’s commanding contribution may be found in his deep penetration of expectations, going back to the Treatise on Probability (1921). Thus Chapter 12 of the General Theory (1936), ‘The State of Long Term Expectations’, and its famous parable about ‘newspaper competitions to pick out the six prettiest faces … the prize being awarded to the competitor whose choice most nearly corresponds to the average preference of the competitors as a whole’ (p. 156), is vibrantly alive in the valuable collection of essays contributed to and edited by Frydman and Phelps (eds) (1983).

Suggested Citation

  • M. L. Burstein, 1988. "Still More Keynesian Economics," Palgrave Macmillan Books, in: Studies in Banking Theory, Financial History and Vertical Control, chapter 4, pages 41-47, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09978-8_4
    DOI: 10.1007/978-1-349-09978-8_4
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