FROM CRISIS, BUILD STABILITY "COOPERATION FOR BUILDING A MORE INCLUSIVE WORLD" ISTANBUL, 21-22 FEBRUARY 2024 EXPECTATIONS MECHANISMS OF ECONOMICS UNDER THE UNCERTAINTIES RELATED TO AN UNSETTLING NEW WORLD ORDER AND CLIMATE CHANGE.

Some people say that expectation is an illusion, based on a betrayal mechanism. Yet the psychology of human behaviour shows that the concept of expectation is a very central one for the explanation of real-life behavioural phenomena. The expectations concept plays a major role in the field of economic psychology. The operational aspects of measuring expectations and of using them in behavioural forecasts and control are of primary concern. For Keynes an emphasis on expectations meant an emphasis on the uncertainty of decision making, the frequency of mistakes, the need for time in which to adjust to unanticipated events, and the disorder of economic systems. [ABSTRACT FROM AUTHOR]