Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/103192
Authors: 
Menz, Jan-Oliver
Year of Publication: 
2009
Series/Report no.: 
DEP (Socioeconomics) Discussion Papers, Macroeconomics and Finance Series 1/2009
Abstract: 
Consumption theory has always been a neglected eld 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, 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 is emphasized.
Subjects: 
Uncertainty
Social Norms
Consumption Theory
Post Keynesianism
New Keynesianism
JEL: 
E21
E12
D11
Document Type: 
Working Paper

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