Re: GT and microfoundations

["Harry Veeder" <veed0001@xxxxxxxxxxxxxxxx>]

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>From: "Alan G. Isaac" <aisaac@xxxxxxxxxxxx>
>To: POST-KEYNESIAN THOUGHT <pkt@xxxxxxxxxxxxxxxx>
>Subject: Re: GT and microfoundations
>Date: Mon, Feb 7, 2000, 7:13 am

<snip>
>To act is to act
>toward an anticipated future, whether you
>are crossing the street or making policy.
<snip>

Not always, sometimes we act to create the future
we want. This means all general macroeconomic
theories must have an element of indeterminancy
(probability) to accomodate
both forms of human action. Deterministic
theories are presumptive because the
the range of possible human action is limited
to what the economic theorist can imagine
the economic agents doing rather than what the
economic actors themselves can imagine doing.


Harry Veeder