Phillips curves, behavioral economics and post-Keynesian macroeconomics

Peter Skott

Chapter 8 in Post-Keynesian Economics for the Future, 2024, pp 124-139 from Edward Elgar Publishing

Abstract: Post-Keynesians have questioned the relevance of behavioral economics on methodological grounds, citing the predominant focus of the behavioral literature on possible deviations of individual behavior from extreme standards of perfect optimization. The very limited influence of behavioral economics on post-Keynesian economics is unfortunate, however: it would be a serious mistake to ignore the insights and empirical evidence from behavioral economics. The influence of norms of fairness on wage formation and inflation is used to illustrate this argument.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2024
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