Shackle and Keynes vs Rational Expectations Theory on the Role of Time, Liquidity and Financial Markets

Paul Davidson

Chapter 14 in Inflation, Open Economies and Resources, 1991, pp 144-158 from Palgrave Macmillan

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

Keywords: Interest Rate; Business Cycle; Rational Expectation; Spot Market; Crucial Decision (search for similar items in EconPapers)
Date: 1991
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Chapter: Shackle and Keynes vs. Rational Expectations Theory and the Role of Time — Liquidity and Financial Markets (1990)
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DOI: 10.1007/978-1-349-11516-7_14

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