Title: The Behavioral Economics of John Maynard Keynes: Microfoundations for the World We Live in
Publisher: Edward Elgar Publishing Ltd
Publication Date: 2023
Language: English
ISBN 10: 1035329212
ISBN 13: 9781035329212
Binding: Soft cover
Condition: New

About this title

Synopsis

Keynes’ macroeconomic revolution is based on his microfoundations of economic behavior derived from ‘casual’ observations but impressively substantiated by rigorous research in behavioral economics and neurology. Ronald Schettkat argues that the allegation of the missing microfoundations in Keynes’ theory is false. Instead, both Keynes’ theory and behavioral economics relate to humans in ‘the economy we live in’, differing substantially in their fundamentals from the neoclassical model.

Showing that Keynes’ micro has much in common with Behavioral Economics, the book starts with the fundamentals ranging from the methodological approach to economics as a real versus an axiomatic science and the consequences for knowledge building methods (interviews, observations, experiments), the rationality and equilibrium concepts to the functioning of markets, before delving into the topics in greater detail.

Providing a thorough theoretical grounding in economics, this book will be a discerning read for economists, students of economics, political science, sociology and psychology as well as for the general public.

About the Author

Ronald Schettkat, Professor of Economics (em.), Schumpeter School of Economics, University of Wuppertal, Germany

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