Expectations: Theory and Applications from Historical Perspectives

In: Springer Studies in the History of Economic Thought Ser.

In: Springer Studies in the History of Economic Thought

Abstract

Intro -- Foreword -- Introduction -- Contents -- List of Participants -- Part I Guggenheim Prize Lecture -- Unfulfilled Expectations: One Economist's History -- 1 What Did You and I Expect? -- 2 M.I.T. and Miguel Sidrauski -- 3 Rational Expectations -- 4 Dynamics and Complexity -- 5 Two Sorts of Expectations -- 6 Boundedly Rational Expectations -- 7 Hindsight: Intellectual Odyssey or Wild Goose Chase? -- References -- Part II Expectations and Economic Thought: Classics and Moderns -- Expectations and Its Variants: The Nuanced Role of Expectations in Classical Economics -- 1 Introduction -- 2 Expectational Fallacies -- 2.1 Expectations Regarding the Beneficial Nature of Competitive Institutions -- 2.2 Moral Expectations -- 2.3 A Note on the Dynamic Aspect of Expectations -- 3 Expectations and Anticipations in Smith's Narrative -- 4 Conclusions -- References -- Expectations, Conjectures and Beliefs. The Legacy of Marshall, Kahn and Keynes -- 1 Introduction -- 2 Marshall -- 3 Kahn -- 4 Keynes -- 5 The Role of Expectations in Generating Market Instability -- 6 Observation-Based Expectations -- 7 Expectations as Dividing Issue -- 8 Some Concluding Remarks -- References -- Between Pigou and Keynes: Champernowne on Employment and Expectations -- 1 Sorting Out Cambridge Expectations -- 2 Labour Supply and Money-Wage Dynamics -- 3 Monetary Policy and the Trend of Real Wages -- 4 Keynes Versus Pigou on the Role of Expectations -- 5 The Champernowne Puzzle -- References -- Keynes and Friedman on Expectations Mismatches During the Great Depression -- 1 Introduction -- 2 Friedman and the Case for Purely Monetary Disorders -- 2.1 Friedman's Narrative of the Great Depression -- 2.2 Expectations and Friedman's Rationale for the Great Depression -- 3 Keynes and the Case for Self-feeding Real Disorders.