The Behavioural Economics of John Maynard Keynes

Hardback

The Behavioral Economics of John Maynard Keynes

Microfoundations for the World We Live In

9781802204889 Edward Elgar Publishing
Ronald Schettkat, Professor of Economics (em.), Schumpeter School of Economics, University of Wuppertal, Germany
Publication Date: 2022 ISBN: 978 1 80220 488 9 Extent: 184 pp
This insightful book discusses the behavioral microfoundations of Keynes’ macroeconomic revolution derived from ‘casual’ observations but impressively substantiated by rigorous research in Behavioral Economics and neurology. Ronald Schettkat argues that Keynes’ macroeconomic insights are based on microeconomic fundamentals of the behavior of humans and markets in the monetary economy we live in.

Copyright & permissions

Recommend to librarian

Your Details

Privacy Policy

Librarian Details

Download leaflet

Print page

More Information
Contents
More Information
Keynes’ macroeconomic revolution is based on his microfoundations of economic behaviour derived from ‘casual’ observations but impressively substantiated by rigorous research in Behavioral Economics and neurology. Ronald Schettkat argues that the allegation of the missing microfoundations in Keynes’ theory is false. Instead, both Keynes’ theory and Behavioral Economics relate to humans in ‘the economy we live in’, differing substantially in their fundamentals from the neoclassical model.

Showing that Keynes’ micro has much in common with Behavioral Economics, the book starts with the fundamentals ranging from the methodological approach to economics as a real versus an axiomatic science and the consequences for knowledge building methods (interviews, observations, experiments), the rationality and equilibrium concepts to the functioning of markets, before delving into the topics in greater detail.

Providing a thorough theoretical grounding in economics, this book will be a discerning read for economists, students of economics, political science, sociology and psychology as well as for the general public.
Contents
Contents: 1. Introduction to The Behavioural Economics of John Maynard Keynes 2. Fundamentals of economics 3. Rational choice: a normative concept 4. Choice under uncertainty: animal spirits 5. Expectations over time 6. Socially embedded individuals 7. The resurrection and fall of homo oeconomicus 8. Conclusion: the economy we live in References Index
eBook for individuals
978 1 80220 489 6
From $40.00
Click here for options
eBook for library purchase
978 1 80220 489 6
View sample chapter and check access on:
eBook options

Available for individuals to buy from these websites

Or recommend to your institution to acquire on Elgaronline
  • Buy as part of an eBook subject collection - flexible options available
  • Downloading and printing allowed
  • No limits on concurrent user access, ideal for course use
My Cart