Rationality as Reasonableness: Probability

Anna M. Carabelli ()
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Anna M. Carabelli: University of Eastern Piedmont Amedeo Avogadro

Chapter Chapter 2 in Keynes on Uncertainty and Tragic Happiness, 2021, pp 13-30 from Palgrave Macmillan

Abstract: Abstract This chapter deals with Keynes’s concept of rationality as reasonableness, with his idea of speculation and the instability of financial markets. It deals with Keynes’s distinction between reasonableness and conventions in chapter 12 of the GT and in his 1937 Quarterly Journal of Economics article. It also deals with Keynes’s view on economic policy and the way institutions (a concept of institutions that is different from Hayek’s own view) should face uncertainty. It explains how Keynes’s view on the knowledge of institutions is opposite to Hayek’s view on economic policy of laissez-faire and non-intervention.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-3-030-75665-9_2

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DOI: 10.1007/978-3-030-75665-9_2

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