Keynes' Economic Thought and the Theory of Consumer Behaviour

Stavros Drakopoulos

Scottish Journal of Political Economy, 1992, vol. 39, issue 3, 318-36

Abstract: The first part of this paper demonstrates that John Maynard Keynes had serious reservations about the standard consumer theory and especially the expected utility model. This has important implications for subsequent interpretations of Keynes's microfoundations and also for the attempts to derive Keynesian aggregate consumption functions. Furthermore, the second part of the paper shows that there are ideas in Keynes that might be taken as an outline of an alternative model of consumer choice. These ideas can be connected with modern alternative formulations of consumer behavior and might be taken as an additional explanation for issues like sticky prices and Keynesian unemployment. Copyright 1992 by Scottish Economic Society.

Date: 1992
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Scottish Journal of Political Economy is currently edited by Tim Barmby, Andrew Hughes-Hallett and Campbell Leith

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