Keynes´s Approach to Macroeconomic Modelling: a Popperian Reconstruction

La modelización macroeconómica en el enfoque keynesiano: una reconstrucción popperiana

Alfonso Palacio Vera ()
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Alfonso Palacio Vera: Departamento de Economía Aplicada, Pública y Política. Universidad Complutense de Madrid., https://www.ucm.es/eapp

No 15-07, Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales from Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales

Abstract: We review Keynes´s attempt to deal with the `problem of induction´ since his Treatise on Probability and then argue that Popper´s `solution´ to the former, known as Popper´s evolutionary of knowledge and learning, is compatible with Keynes´s adoption of a conventional theory of knowledge in his later economic writings. We also argue that Keynes´s macro-theory as it appears in both his General Theory and his 1937 QJE paper can be (re)interpreted as an instance of a reformulated version of the `subjectivist´ version of Popper´s `Rationality Principle´ (RPs) according to which agents´ behaviour is appropriate or adequate to the problem-situation as the theorist believes that agents believe the former is. A number of further results follow from the previous arguments.

Keywords: Popper; Keynes; Rationality Principle; Macro-models; and Induction.; Popper; Keynes; principio de racionalidad; modelos macroeconómicos e inducción. (search for similar items in EconPapers)
JEL-codes: A12 B41 E03 E12 (search for similar items in EconPapers)
Pages: 71 pages
Date: 2015-12
New Economics Papers: this item is included in nep-hpe and nep-mac
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