Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277180 
Year of Publication: 
2010
Citation: 
[Journal:] Intervention. European Journal of Economics and Economic Policies [ISSN:] 2195-3376 [Volume:] 07 [Issue:] 1 [Year:] 2010 [Pages:] 125-146
Publisher: 
Metropolis-Verlag, Marburg
Abstract: 
Consumption theory has always been a neglected field in post-Keynesian economics, whereas it is at the center of New Keynesian economics. This paper investigates similarities and differences between the two approaches. I will show that the newer mainstream models indeed give results that are fairly similar to traditional Keynesian ideas, even if differences – 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 are emphasized.
Subjects: 
uncertainty
social norms
consumption theory
post-Keynesianism
New Keynesianism
JEL: 
E21
E12
D11
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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