Rational Behavior with Deficient Foresight

Omar. Hamouda and John Smithin

Eastern Economic Journal, 1988, vol. 14, issue 3, 277-285

Abstract: The Keynesian notion that economic decision making is subject to fundamental uncertainty (as opposed to probabilistic risk) is often dismissed by contemporary economists using familiar arguments about the presumed rationality of the expectations formation process. The paper argues that this line of reasoning is invalid. The key issues involved do not concern the rationality, or otherwise, of economic agents, at least as the term "rational" seems to be understood by the majority of economists, but lie elsewhere.

Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:14:y:1988:i:3:p:277-285

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