Should post-Keynesians make a behavioural turn?

John E. King
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John E. King: La Trobe University

European Journal of Economics and Economic Policies: Intervention, 2013, vol. 10, issue 2, 231-242

Abstract: This paper deals with the relationship between post-Keynesian and behavioural economics. I begin by responding critically to Paul Davidson's claim that Keynes was the first behavioural economist. Then I discuss some recent work in behavioural macroeconomics, which reveals some important strengths but also some fundamental weaknesses. Next I outline what (Old) behavioural economists have had to say about macroeconomics, beginning with the father of the school, Herbert Simon, and considering the contributions of some of his disciples. I then reverse the question and ask what post-Keynesians have had to say about behavioural economics, Old and New. I conclude by identifying some potential sources of difficulty and also suggesting some areas of macroeconomics where cooperation between post-Keynesians and behavioural economists seems especially promising.

Keywords: behavioural economics; macroeconomics; post-Keynesian economics (search for similar items in EconPapers)
JEL-codes: B22 B5 E12 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:10:y:2013:i:2:p231-242

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