Self-fulfilling Expectations and The General Theory

Colin Rogers

History of Economics Review, 1996, vol. 25, issue 1, 172-183

Abstract: It might be more accurate, perhaps, to say that the rate of interest is a highly conventional, rather than a highly psychological phenomenon. For its actual value is largely governed by the prevailing view as to what its value is expected to be. Any level of interest which is accepted with sufficient conviction as likely to be durable will be durable& J. M. Keynes (1936, p. 203)

Date: 1996
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DOI: 10.1080/10370196.1996.11733227

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