Expectations, uncertainty, and instability in capitalism: an approach from Keynes
Abstract
This paper deals with some crucial aspects found in Keynes theoretical contribution.
We intend to show the importance of time, expectations, and uncertainty in his
analytical scheme and how he explains the existence of capitalism instability taking into
account these elements as constitutive of the capitalistic system. Furthermore, we make some
philosophical digression on the nature and importance of decisions in a context of time and
uncertainty about the future that necessarily surrounds all human action.
JEL Classification: B22; B31; E12.
Keywords: Keynes history of economic thought time expectations uncertainty