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

Jan-Oliver Menz ()

No 200901, Macroeconomics and Finance Series from Hamburg University, Department Wirtschaft und Politik

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 dierences between the two approaches. I will show that the newer mainstream models indeed give results that are fairly similar, even if dierences, 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.

Keywords: Uncertainty; Social Norms; Consumption Theory; Post Keynesianism; New Keynesianism (search for similar items in EconPapers)
JEL-codes: E21 E12 D11 (search for similar items in EconPapers)
Date: 2009-05
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http://www.wiso.uni-hamburg.de/repec/hepdoc/macppr_1_2009.pdf First version, 2009 (application/pdf)

Related works:
Journal Article: Uncertainty, social norms and consumption theory: Post and New Keynesian approaches (2010)
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Persistent link: http://EconPapers.repec.org/RePEc:hep:macppr:200901

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