Behavioral economists should make a turn and learn from Keynes and Post Keynesian economics

Abstract

This paper indicates that Keynes's General Theory provided many examples of actual behavior that differed from that predicted by classical theory—the mainstream economics of Keynes's time. This behavior included herd behavior in financial markets, the use of conventions, decisions made under uncertainty that differ from decisions made under probabilistic risk, and so forth. Recent MRI evidence by neural scientists indicates that different parts of the brain are involved when decisions are made under risk conditions (with probabilities of outcomes known) and uncertainty conditions (where no probabilities of outcomes are known). Keynes was the first behavioral scientist!

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