• Alessandro MORSELLI Department of Law and Economics, University of Rome Unitelma Sapienza, Italy


The aim of this paper is to question the existence of economic laws that can uniquely determine capitalist “equilibrium”. The presence of uncertainty is one of the conditions that cannot be eliminated, which can make the equilibrium unstable. We will try to find possible improvements in the techniques of modern capitalism through collective action, beyond the rationale of “laissez-faire”. All this in a Keynesian methodological view and in the presence of a social pact which, by committing the parties to the attainment of collective goals, minimizes the conflict.

If a separation between spending decisions and savings decisions is assumed, the role of an external subject that can affect the current and expected profitability is particularly important. Thus, this issue will be addressed, that is, the expectation of profit in a system of uncertainties, where well-governed capitalism can represent the closest frame to the most efficient system to achieve economic goals.


[1] Andersen, T. M. 2000. Makroteori, in Chr. Hjorth-Andersen (ed.) Udviklingslinjer i økonomisk teori, København. Djøfs Forlag.
[2] Friedman, M. 1962. Capitalism and Freedom. Chicago. Chicago University Press.
[3] Harrod, R. F. 1937. Mr. Keynes and Traditional Theory. Econometrica, 5(1): 74-86.
[4] Hawtrey, R. G. 1928. Currency and Credit. London, New York. Longmans.
[5] Hicks, J. R. 1937. Mr. Keynes and the Classic: A Suggested Interpretation. Econometrica, 5(2): 147-159.
[6] Jespersen, J. 2009. Macroeconomic Methodology: a Post-keynesian Perspective. Cheltenham. Edward Elgar.
[7] Jespersen, J. 2015. John Maynard Keynes. Roma. Castelvecchi.
[8] Keynes, J. M. 1921. A Treatise on Probability. London, Macmillan.
[9] Keynes, J. M. 1930. A Treatise on Money. London. Macmillan, 2 voll: vol I, The Pure Theory of Money; vol. II, The Applied Theory of Money.
[10] Keynes, J. M. 1936. The General Theory of Employment, Interest and Money. London. Macmillan.
[11] Keynes, J. M. 1937a. Alternative Theories of the Rate of Interest. Economic Journal 47(186): 241-252.
[12] Keynes, J. M. 1937b. The General Theory of Employment. The Quarterly Journal of Economics 51 (2): 209-223.
[13] Knight, F. 1921. Uncertainty and Profit. Boston, Houghton Mifflin.
[14] Kregel, J. 1976. Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-keynesian. Economic Journal 86(342): 209-225.
[15] Layard, R., S. Nickell, and Jackman, R. 1991. Unemployment. Oxford. Oxford University Press.
[16] Leijonhufvud, A. 1968. On Keynesian Economics and the Economics of Keynes: A study in Monetary Theory. New York. Oxford University Press.
[17] Lucas, R. E. 1987. Models of Business Cycles. Oxford. Oxford University Press.
[18] Malthus, T. R. 1836. Principles of Political Economy. Second edition. London. Pickering; tr. it. Principi di Economia Politica, a cura di P. Barucci. 1972. Milano. Isedi.
[19] Marshall, A. 1890. Some Aspects of Competition. Reprinted in A.C Pigou. 1925. Memorials of A. Marshall, London. Macmillan.
[20] Modigliani, F. 1944. Liquidity Preference and the Theory of Interest and Money. Econometrica 12(1): 45-58.
[21] Modigliani, F. 1963. The Monetary Mechanism and its Interaction with Real Phenomena. Review of Economics and Statistics 45(1): 79-101.
[22] Morselli, A. 2010. La crisi del capitalismo finanziario americano. Troina (En). Città Aperta Edizioni/Kore University Press.
[23] Morselli, A. 2012. Macroeconomia, la teoria essenziale. Padova. Cedam-Wolters Kluver.
[24] Morselli, A. 2015. L’Economia Convenzionale nel Processo Decisionale’, Rivista di Politica Economica april/june(IV-VI): 286-287.
[25] Morselli, A. 2016. Theoretical Approaches on the Possible Existence of a Stabilising Economic Policy in Europe. Journal of Economic Studies 43(5): 815-834.
[26] Morselli, A. 2017. From Keynes to a Theoretical-political Approach to Conventional Economics. Policy Studies published online, 12 october: 1-18.
[27] Napoleoni, C. 1985. Discorso sull’Economia Politica. Torino. Bollati Boringhieri.
[28] Patinkin, D. 1948. Price Flexibility and Full Employment. American Economic Review 38 (September): 543-64.
[29] Patinkin, D. 1965. Money, Interest, and Prices – An Integration of Monetary and Value Theory (2nd ed.). NewYork. Harper & Row.
[30] Patinkin, D. 1976. Keynes’s Monetary Thought: A Study of its Development. Durham. Duke University Press.
[31] Say, J. B. 1803. Traité d’Économie Politique. Paris. Deterville.
[32] Sraffa, P. 1925. Sulle Relazioni fra Costo e Quantità Prodotta. Annali di Economia II.
[33] Weber, M. 1978. Economy and Society: An Outline of Interpretive Sociology, 2 vols, Berkeley, CA. University of California Press.
How to Cite
MORSELLI, Alessandro. EXPECTATIONS AND RATIONAL DECISIONS ACCORDING TO JOHN MAYNARD KEYNES’S THOUGHT. Theoretical and Practical Research in the Economic Fields, [S.l.], v. 8, n. 2, p. 111-120, dec. 2017. ISSN 2068-7710. Available at: <https://journals.aserspublishing.eu/tpref/article/view/1559>. Date accessed: 23 jan. 2022. doi: https://doi.org/10.14505//tpref.v8.2(16).03.