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A Behavioural Perspective on Keynesian Decision Theory

Author

Listed:
  • Martin Jones

    (University of Dundee)

Abstract

Keynes's theory of probability has been studied intensively in the past few years with much discussion of its relevance to modern economics. This paper examines Keynes's ideas in light of criticisms made by other authors and comes to the conclusion that Keynes's views on rationality are critically flawed. However, it is asserted that this actually allows more freedom for investigation when it is combined with insights from behavioural economics and gives examples where this could be fruitful. One of the side-effects of this is that there is a narrowing of the gap between Keynesian and mainstream behavioural views on decision-making.

Suggested Citation

  • Martin Jones, 2009. "A Behavioural Perspective on Keynesian Decision Theory," SCEME Working Papers: Advances in Economic Methodology 031/2009, SCEME.
    • Handle: RePEc:sti:wpaper:031/2009
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    File URL: http://www.sceme.org.uk/wps/SCEME031_Jones_2009.pdf
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    More about this item

    Keywords

    uncertainty; Keynes; behavioral economics;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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