Phillips curves, behavioral economics and post-Keynesian macroeconomics

Peter Skott

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 be 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.

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Year of publication:	2024
Authors:	Skott, Peter
Published in:	Post-Keynesian economics for the future : sustainability, policy and methodology. - Cheltenham, UK : Edward Elgar Publishing, ISBN 978-1-0353-0751-7. - 2024, p. 124-139
Subject:	Distributional conflict \| Inflation \| Wage norms \| Wage stickiness \| Path dependence \| Methodology \| Phillips-Kurve \| Phillips curve \| Theorie \| Theory \| Lohnrigidität \| Wage rigidity \| Verhaltensökonomik \| Behavioral economics \| Postkeynesianismus \| Post-Keynesian economics \| Keynesianismus \| Keynesian economics \| Pfadabhängigkeit \| Lohn \| Wages

Type of publication:	Article
Type of publication (narrower categories):	Aufsatz im Buch ; Book section
Language:	English
Other identifiers:	10.4337/9781035307517.00016 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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