Behavioral: Difference between revisions
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The five neutralities discussed by Akerlof are: | The five neutralities discussed by Akerlof are: | ||
* [[Ricardian equivalence]] | |||
* [[1. The independence of consumption and current income]]. | |||
* [[The independence of investment and finance decisions]] | |||
* [[Inflation stability only at the natural rate of unemployment]] | |||
* [[The ineffectiveness of macro-stabilization policy with rational expectations]] | |||
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Revision as of 00:49, 3 December 2007
Behavioral Economics
by:
- Eli Brill
- Katharine Burmeister
- Sharyn Foster
- Ludmila Palei
- Stacie Smeal
"People tend to be happy when they live up to how they think they should be; and they are, correspondingly, unhappy when they fail to live up to those norms." George Akerlof
An Introduction to Economic Theory Before the Behavioral Approach: The Keynesian Approach
In his 2006 speech, "The Missing Motivation in Macroeconomics," George Akerlof, a Nobel Prize-winning economist, challenges some ideas about macroeconomics that were established by the well-respected John Maynard Keynes.
The five neutralities discussed by Akerlof are:
Bibliography Akerlof, George A. "The Missing Motivation in Macroeconomics". [1]
