Munich Personal RePEc Archive

Post-Keynesian Theory of Choice

Drakopoulos, Stavros A. (1999): Post-Keynesian Theory of Choice. Published in: Encyclopedia of Political Economy (ed. by P. A O’Hara, London: Routledge). , Vol. 2, (1999): pp. 887-889.

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Abstract

This short paper is the entry on Post-Keynesian theory of choice for the Encyclopedia of Political Economy (ed. by P. A O’Hara, London: Routledge, 1999). The entry describes the main characteristics of a Post Keynesian theory of household choice. Elements of Post Keynesian oriented theory of choice can be found in the works of J. Robinson, L. Passinetti, N. Georgescu-Roegen, A. Eichner, E.J. Nell, P. Earl, M. Lavoie and in J.M. Keynes himself. The underlying framework can be described in terms of six principles: 1) Procedural Rationality, 2) Satiable Wants 3) Separability of Needs 4) Needs Hierarchy 5) Growth of Needs and 6) Non-independence.

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