The General Theory I: The Dye of Expectations

R. M. O’Donnell
Additional contact information
R. M. O’Donnell: Macquarie University

Chapter 11 in Keynes: Philosophy, Economics and Politics, 1989, pp 234-246 from Palgrave Macmillan

Abstract: Abstract The next two chapters explore sections of the theoretical foundations of the GT — its expectational basis, its conceptions of uncertainty, and its distinctive approach to behaviour and rationality. Several questions are involved here. What part does the cluster of concepts centred on expectations and uncertainty play in the GT? How significant is their role in the Keynesian revolution? What theoretical basis exists for the GT’s account of rational behaviour under uncertainty? And what differences are detectable in Keynes’s treatment of these matters before and after 1936? At some stage in their exposition, all economic theories, Neoclassical, Keynesian, Marxist or Austrian, advance propositions about the behaviour of economic agents. Such behaviour is normally taken to possess some relationship to rationality (however defined), and to involve expectations about the future. But beyond these generalities, disagreement reigns as to the appropriate analysis of such phenomena — their status as foundations, the nature of their conceptualisation, their relationship to probability, the manner of their formation and so on.2 In investigating Keynes’s account, we shall be exploring the reflections of a philosopher-economist who had thought deeply about a broad set of issues relevant to all economic frameworks.

Keywords: Capital Equipment; Effective Demand; Monetary Theory; Unemployment Equilibrium; Liquidity Preference (search for similar items in EconPapers)
Date: 1989
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-07027-5_12

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349070275

DOI: 10.1007/978-1-349-07027-5_12

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().