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.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Post-Keynesian Theory of Choice; Economic Rationality; Heterodox choice theories
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B20 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B50 - General; D - Microeconomics > D1 - Household Behavior and Family Economics > D10 - General

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