Technical Change and formation of expectations

Marco Crocco

Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: The aim of this paper is to discuss the implications for the process of expectations formation assumed by Keynes and the Post Keynesians when technical change, as understood by the Evolutionary and Institutional school of thought, is taken into account. The claim made here is that the traditional division of expectations in Short and Long–Period is insufficient to deal with all features of technical change, and so, a new type of expectations (Medium-Period) is proposed. Moreover, it is claimed that the independence among different types of expectations cannot stand when Medium-Period Expectations is take into account. The discussion will be done as follow: in the next two sections brief expositions of both Keynes’s and Institutionalist’s approaches are done; in section three the implications of technical change to the process of formation of expectations are analysed and in section four some conclusions are draw.

Pages: 20 pages
Date: 2000
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Related works:
Journal Article: TECHNICAL CHANGE AND FORMATION OF EXPECTATIONS (2008)
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