THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR

The article examines the contribution of John Maynard Keynes to the study of the psychological motives of economic behavior. The origins of the analysis of the psychological motives in economics before Keynes are reviewed. The relative importance of rational and irrational motives of economic behavi...

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Autor principal:	M. A. Kozlova
Formato:	article
Lenguaje:	EN RU
Publicado:	MGIMO University Press 2016
Materias:	john maynard keynes psychological motives of economic behavior george akerlof and robert shiller’s theory of animal spirits financial instability hypothesis of hyman minsky basic psychological law confidence multiplier economic psychology «keynesian» model of human behavior bounded rationality theory market psychology International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/4168c076e6e8486cb462487a1e289e07
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spelling	oai:doaj.org-article:4168c076e6e8486cb462487a1e289e072021-11-23T14:51:01ZTHE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR2071-81602541-909910.24833/2071-8160-2016-3-48-188-195https://doaj.org/article/4168c076e6e8486cb462487a1e289e072016-06-01T00:00:00Zhttps://www.vestnik.mgimo.ru/jour/article/view/548https://doaj.org/toc/2071-8160https://doaj.org/toc/2541-9099The article examines the contribution of John Maynard Keynes to the study of the psychological motives of economic behavior. The origins of the analysis of the psychological motives in economics before Keynes are reviewed. The relative importance of rational and irrational motives of economic behavior in the Keynesian theory is analyzed. It is shown that Keynes's analysis of the behavior of the economic agents under uncertainty and the lack of information contributed to the elaboration of the bounded rationality theory by Simon. The article also describes the input of Keynes to the formation of a new «Keynesian» model of human behavior, which implies the importance of expectations, taking into account the psychological and social factors of economic behavior. The main psychological tendencies in the actions of the consumers and investors described by Keynes (the basic psychological law, liquidity preference, the influence of the «market psychology» on the investor's decisions) and their relevance nowadays are examined. The article shows further development of the ideas of Keynes in the Akerlof and Shiller's theory of animal spirits and in the financial instability hypothesis of Minsky. It also gives a description of a confidence multiplier, introduced by Akerlof and Shiller, and shows how the cosumers' confidence can be measured nowadays. Besides, the article stresses that the study of the psychological motives of economic behavior, undertaken by Keynes, contributed to the development of such new disciplines at the interface between the economy and psychology as the economic psychology and behavioral economics.M. A. KozlovaMGIMO University Pressarticlejohn maynard keynespsychological motives of economic behaviorgeorge akerlof and robert shiller’s theory of animal spiritsfinancial instability hypothesis of hyman minskybasic psychological lawconfidence multipliereconomic psychology«keynesian» model of human behavior bounded rationality theorymarket psychologyInternational relationsJZ2-6530ENRUVestnik MGIMO-Universiteta, Vol 0, Iss 3(48), Pp 188-195 (2016)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	john maynard keynes psychological motives of economic behavior george akerlof and robert shiller’s theory of animal spirits financial instability hypothesis of hyman minsky basic psychological law confidence multiplier economic psychology «keynesian» model of human behavior bounded rationality theory market psychology International relations JZ2-6530
spellingShingle	john maynard keynes psychological motives of economic behavior george akerlof and robert shiller’s theory of animal spirits financial instability hypothesis of hyman minsky basic psychological law confidence multiplier economic psychology «keynesian» model of human behavior bounded rationality theory market psychology International relations JZ2-6530 M. A. Kozlova THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR
description	The article examines the contribution of John Maynard Keynes to the study of the psychological motives of economic behavior. The origins of the analysis of the psychological motives in economics before Keynes are reviewed. The relative importance of rational and irrational motives of economic behavior in the Keynesian theory is analyzed. It is shown that Keynes's analysis of the behavior of the economic agents under uncertainty and the lack of information contributed to the elaboration of the bounded rationality theory by Simon. The article also describes the input of Keynes to the formation of a new «Keynesian» model of human behavior, which implies the importance of expectations, taking into account the psychological and social factors of economic behavior. The main psychological tendencies in the actions of the consumers and investors described by Keynes (the basic psychological law, liquidity preference, the influence of the «market psychology» on the investor's decisions) and their relevance nowadays are examined. The article shows further development of the ideas of Keynes in the Akerlof and Shiller's theory of animal spirits and in the financial instability hypothesis of Minsky. It also gives a description of a confidence multiplier, introduced by Akerlof and Shiller, and shows how the cosumers' confidence can be measured nowadays. Besides, the article stresses that the study of the psychological motives of economic behavior, undertaken by Keynes, contributed to the development of such new disciplines at the interface between the economy and psychology as the economic psychology and behavioral economics.
format	article
author	M. A. Kozlova
author_facet	M. A. Kozlova
author_sort	M. A. Kozlova
title	THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR
title_short	THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR
title_full	THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR
title_fullStr	THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR
title_full_unstemmed	THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR
title_sort	contribution of j. m. keynes to the analysis of the psychological motives of economic behavior
publisher	MGIMO University Press
publishDate	2016
url	https://doaj.org/article/4168c076e6e8486cb462487a1e289e07
work_keys_str_mv	AT makozlova thecontributionofjmkeynestotheanalysisofthepsychologicalmotivesofeconomicbehavior AT makozlova contributionofjmkeynestotheanalysisofthepsychologicalmotivesofeconomicbehavior
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THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR

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