Shackle and Keynes vs. Rational Expectations Theory and the Role of Time — Liquidity and Financial Markets

Paul Davidson

Chapter 5 in Unknowledge and Choice in Economics, 1990, pp 64-80 from Palgrave Macmillan

Abstract: Abstract In a paper remarkable for its ignorance of the difference between the nonprobabilistic macroeconomics of Keynes and Shackle vs. Keynesian macroeconomics, Lucas and Sargent (1979) note that ‘microfoundations’after Keynesian macroeconomics’ there is the necessity for developing a new theoretical path for modern macroeconomic theory.

Date: 1990
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DOI: 10.1007/978-1-349-08097-7_5

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