Keynes and Conventional Equilibria

Littleboy, Bruce

doi:10.1007/978-1-349-22086-1_4

The Notion of Equilibrium in the Keynesian Theory 1992

DOI: 10.1007/978-1-349-22086-1_4

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Keynes and Conventional Equilibria

Bruce Littleboy¹

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1999

2008

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Cited by 2 publications

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“…As pointed out by Littleboy (1992, p. 33), ‘imitation and faith in the views of the others can spontaneously give raise to conventions’.…”

mentioning

confidence: 99%

Technical Change and Formation of Expectations

Crocco

2008

Metroeconomica

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The aim of this paper is to discuss the implications for the process of expectation formation as developed by Keynes and the Post-Keynesians when technical change (as understood by the Evolutionary and Institutional school of thought) is taken into account. The claim made here is that the traditional division of expectations in short and long period is insufficient to deal with all features of technical change, and thus, a new type of expectations (medium-period) is proposed. Moreover, it is claimed that the independence among different types of expectations cannot stand when mediumperiod expectations are taken into account.

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“…As pointed out by Littleboy (1992, p. 33), ‘imitation and faith in the views of the others can spontaneously give raise to conventions’.…”

mentioning

confidence: 99%

Technical Change and Formation of Expectations

Crocco

2008

Metroeconomica

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“…See alsoHarcourt and Sardoni (1995), who believe that Shackle got closer to Keynes than Hicks did. The rejection applies also toLittleboy's (1991Littleboy's ( , 1992 notion of conventional equilibrium. Stability in my weaker sense would exist with unemployment equilibrium if the latter were defined as a situation in which no forces tend to push employment towards full employment, as in Patinkin'sKeynes (1965: 643) andDostaler (1995: 24).…”

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confidence: 99%

Uncertainty, conventions and short-term expectations

Dequech

1999

Brazil. J. Polit. Econ.

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Contrasting different views on the topic, this article examines whether short-term expectations involve uncertainty, arguing in favour of an affirmative answer and thus invalidating any association with the rational or adaptive expectations hypothesis. It is then argued that the presence of uncertainty precludes any tendency towards equilibrium. After the notion of the state of short-term expectations is introduced, this conclusion is affirmed to be valid even if one considers that producers often follow conventional behaviour. Defending the view that uncertainty should be considered as gradable, the article maintains that conventions reduce but do not eliminate uncertainty.

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Keynes and Conventional Equilibria

Cited by 2 publications

References 8 publications

Technical Change and Formation of Expectations

Technical Change and Formation of Expectations

Uncertainty, conventions and short-term expectations

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