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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.

KEYWORDS:
Keynes; history of economic thought; time; expectations; uncertainty

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E-mail: cecilia.heise@bjpe.org.br