Uncertainty, Social Norms and Consumption Theory: Post and New Keynesian Approaches

Jan-Oliver Menz

No 200901, Macroeconomics and Finance Series from University of Hamburg, Department of Socioeconomics

Abstract: Consumption theory has always been a neglected eld in Post Keynesian economics, whereas it is at the center of New Keynesian economics. This paper investigates similarities and di erences between the two approaches. I will show that the newer mainstream models indeed give results that are fairly similar, even if di erences, especially concerning methodological questions, still remain. Building on insights from Economic Sociology and Behavioral Economics, the importance for consumption theory of an adequate treatment of risk and uncertainty on the one hand and the role of social norms on the other hand is emphasized.

Keywords: Uncertainty; Social Norms; Consumption Theory; Post Keynesianism; New Keynesianism (search for similar items in EconPapers)
JEL-codes: D11 E12 E21 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2009-05
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https://www.wiso.uni-hamburg.de/repec/hepdoc/macppr_1_2009.pdf First version, 2009 (application/pdf)

Related works:
Journal Article: Uncertainty, social norms and consumption theory: Post and New Keynesian approaches (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:hep:macppr:200901

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