Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/10280
Appears in Collections:Economics Book Chapters and Sections
Title: Keynes on Knowledge, Expectations, and Rationality
Authors: Dow, Sheila
Contact Email: s.c.dow@stir.ac.uk
Editors: Frydman, R
Phelps, ES
Citation: Dow S (2012) Keynes on Knowledge, Expectations, and Rationality. In: Frydman R, Phelps ES (ed.). Rethinking Expectations: The Way Forward for Macroeconomics, Princeton, USA: Princeton University Press, pp. 112-129.
Issue Date: Dec-2012
Publisher: Princeton University Press
Abstract: The purpose of this paper is to revisit Keynes's ideas on knowledge, expectations and rationality in the light of interpretations and developments over the last few decades. Keynes's philosophy focused on establishing grounds for belief under the general conditions of uncertainty. He argued that calculative individualistic rationality (in the standard mainstream economics sense) had limited scope. He developed these ideas within his macroeconomics in terms of a theory of expectations and confidence in expectations, emphasizing the role of social conventions as a basis for judgment. Keynes saw sociality interplaying with individuality also in terms of ethics, and the idea of public institutions as a vehicle for promoting social good. Keynes's ideas on knowledge suggest a pluralist methodology for economics, employing a range of models and sources of evidence, based on a notion of rationality as 'reasonableness'.
Rights: The publisher has not responded to our queries therefore this work cannot be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.
Type: Part of book or chapter of book
URI: http://hdl.handle.net/1893/10280
URL: http://press.princeton.edu/TOCs/c10002.html
Affiliation: Economics

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