Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/283958 
Authors: 
Year of Publication: 
2023
Series/Report no.: 
Working Paper No. 2023-4
Publisher: 
University of Massachusetts, Department of Economics, Amherst, MA
Abstract: 
Post-Keynesians have questioned the relevance of behavioral economics on methodological grounds, citing the predominant focus of the behavioral literature on possible deviations of individual behavior from extreme standards of perfect optimization. The very limited influence of behavioral economics on post-Keynesian economics is unfortunate, however: it would a serious mistake to ignore the insights and empirical evidence from behavioral economics. The influence of norms of fairness on wage formation and inflation is used to illustrate this argument.
Subjects: 
distributional conflict
inflation
wage norms
wage stickiness
path dependence
methodology
JEL: 
E12
E31
E71
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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