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Uncertainty, Social Norms and Consumption Theory: Post and New Keynesian Approaches

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  • Jan-Oliver Menz

    (Department for Economics and Politics, University of Hamburg)

Abstract

Consumption theory has always been a neglected eld in Post Keynesian economics, whereas it is at the center of New Keynesian economics. This paper investigates similarities and di erences between the two approaches. I will show that the newer mainstream models indeed give results that are fairly similar, even if di erences, especially concerning methodological questions, still remain. Building on insights from Economic Sociology and Behavioral Economics, the importance for consumption theory of an adequate treatment of risk and uncertainty on the one hand and the role of social norms on the other hand is emphasized.

Suggested Citation

  • Jan-Oliver Menz, 2009. "Uncertainty, Social Norms and Consumption Theory: Post and New Keynesian Approaches," Macroeconomics and Finance Series 200901, University of Hamburg, Department of Socioeconomics.
    • Handle: RePEc:hep:macppr:200901
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    Cited by:

    1. Schulz, Jan & Mayerhoffer, Daniel M., 2021. "A network approach to consumption," BERG Working Paper Series 173, Bamberg University, Bamberg Economic Research Group.

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    More about this item

    Keywords

    Uncertainty; Social Norms; Consumption Theory; Post Keynesianism; New Keynesianism;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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