{"id":72,"date":"2019-06-20T18:48:49","date_gmt":"2019-06-20T18:48:49","guid":{"rendered":"http:\/\/dipeg-wpe.unicas.it\/?p=72"},"modified":"2021-04-02T16:23:17","modified_gmt":"2021-04-02T16:23:17","slug":"working-paper-2-2019","status":"publish","type":"post","link":"https:\/\/dipeg-wpe.unicas.it\/?p=72","title":{"rendered":"Nistic\u00f2 &#8211; Keynes&#8217;s Investment Theory as a Micro-foundation for his Grandchildren"},"content":{"rendered":"\n<p><!--StartFragment--><strong>Working paper 2\/2019<\/strong><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Keynes&#8217;s Investment Theory as a Micro-foundation for his Grandchildren<\/h1>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Sergio Nistic\u00f2<\/em><br>Universit\u00e0 di Cassino e del Lazio Meridionale<br><\/p>\n\n\n\n<p>Giugno, 2019<\/p>\n\n\n\n<p><strong>Abstract: <\/strong> In contrast with the \u2018missing micro-foundations\u2019 argument against Keynes\u2019s macroeconomics, the paper argues that it is the present state of microeconomics that needs more solid \u2018Keynesian foundations\u2019. It is in particular Keynes\u2019s understanding of investors\u2019 behaviour that can be fruitfully extended to consumption theory, in a context in which consumers are considered as entrepreneurs, buying goods and services to engage in time-consuming activities. The paper emphasizes that the outcome in terms of enjoyment is particularly uncertain for those innovative and path-breaking activities, which Keynes discussed in his 1930 prophetic essay about us, the grandchildren of his contemporaries. Moreover, the Keynes-inspired microeconomics suggested in the paper provides an explanation of why Keynes\u2019s prophecy about his grandchildren possibly expanding leisure did not materialize yet. The paper finally points at the need for appropriate economic policies supporting consumers\u2019 propensity to enforce innovative forms of time use.<\/p>\n\n\n\n<p>JEL codes:  B41; D11; D81<\/p>\n\n\n\n<p>Keywords: Keynesian microeconomics; Consumption; Time use; Uncertainty; Keynes\u2019s grandchildren<\/p>\n\n\n\n<p><a href=\"https:\/\/dipeg-wpe.unicas.it\/files\/wp_201902.pdf\">Download<\/a><\/p>\n\n\n<p><!--EndFragment--><\/p>","protected":false},"excerpt":{"rendered":"<p>Working paper 2\/2019 Keynes&#8217;s Investment Theory as a Micro-foundation for his Grandchildren Sergio Nistic\u00f2Universit\u00e0 di Cassino e del Lazio Meridionale Giugno, 2019 Abstract: In contrast with the \u2018missing micro-foundations\u2019 argument against Keynes\u2019s macroeconomics, the paper argues that it is the &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"more-link\" href=\"https:\/\/dipeg-wpe.unicas.it\/?p=72\"> <span class=\"screen-reader-text\">Nistic\u00f2 &#8211; Keynes&#8217;s Investment Theory as a Micro-foundation for his Grandchildren<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[74,72,76,61,73,75],"class_list":["post-72","post","type-post","status-publish","format-standard","hentry","category-wp_dipeeg","category-economics","tag-consumption","tag-keynesian-microeconomics","tag-keyness-grandchildren","tag-sergio-nistico","tag-time-use","tag-uncertainty"],"_links":{"self":[{"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=\/wp\/v2\/posts\/72","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=72"}],"version-history":[{"count":2,"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=\/wp\/v2\/posts\/72\/revisions"}],"predecessor-version":[{"id":84,"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=\/wp\/v2\/posts\/72\/revisions\/84"}],"wp:attachment":[{"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=72"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=72"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dipeg-wpe.unicas.it\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=72"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}