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The Elephant and the Butterfly: Or Hysteresis and Post Keynesian Economics

In: Uncertainty, International Money, Employment and Theory

Author

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  • Louise Davidson

Abstract

I welcome Rod Cross’s comments suggesting that the New Keynesian conceptualization of ‘hysteresis’ is ‘amenable’ and ‘relevant to the Post Keynesian understanding of economic processes’, where economic events occur in a historical context with an uncertain future. More than one-half century after Keynes’ criticism of ‘Professor Tinbergen’s Method’ (1937) of analysing time series econometrically under the assumption of stationarity, it is gratifying to note that some macroeconometricians are trying to develop an analysis that deals with changing macrofactors that both affect, and are affected by, agents’ behaviour.

Suggested Citation

  • Louise Davidson, 1999. "The Elephant and the Butterfly: Or Hysteresis and Post Keynesian Economics," Palgrave Macmillan Books, in: Louise Davidson (ed.), Uncertainty, International Money, Employment and Theory, chapter 23, pages 305-317, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14991-9_23
    DOI: 10.1007/978-1-349-14991-9_23
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