By Tony Lawson, Hashem Pesaran
First released in 1985, this name comprises contributions from top economists and addresses many seminal facets of Keynes' paintings and techniques. This revival might be of specific curiosity to teachers and complicated scholars of economics.
Read or Download Keynes' Economics (Routledge Revivals): Methodological Issues PDF
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Extra resources for Keynes' Economics (Routledge Revivals): Methodological Issues
They are not generated according to a common model (as with the rational expectations hypothesis) nor a stable, social ‘convention’ (as in the work of Keynes). Furthermore, contrary to Keynes’ views on persuasion, and the rational expectations theorists’ conception of a determined, objective model of the economy, some Austrian economists regard conceptformation as partially subjective in character; economic agents ‘create’ the reality in which they operate (Hayek, 1955). There is a strong antiempiricist quality to Austrian theory, with its ‘serious reservations about the general validity and importance of a good deal of the empirical work being carried on in the economics profession today’ (Kirzner, 1976, 40).
In particular, institutions provide social knowledge which may be needed for interaction with other individual decision makers. (Boland, 1979, 963) He points out that the equilibrium system and the laws governing trade, taxes and advertising are examples of such knowledge-purveying institutions. g. ’ (Marx, 1973, 161) It is unfortunate that this stress on the importance of institutions in providing information is not sustained through Marx’s work. It is a point which is central to the argument of this chapter.
G. J. Davidson, P. (1972) Money and the Real World, Macmillan, London ——(1982–3) ‘Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes’, Journal of Post Keynesian Economics, 5, 182–98 Dore, R. (1973) British Factory—Japanese Factory, University of California Press, Berkeley and Los Angeles Duesenberry, J. S. Becker, in Demographic and Economic Change in Developed Countries, UniversitiesNational Bureau Conference Series, No. J. E. (1983) The Economic Imagination, Wheatsheaf, Brighton Elster, J.