Animal Spirits
June 23rd, 2011
In “Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism”, George Akerlof and Robert Shiller build on John Maynard Keynes’ theory of “animal spirits” – those underlying emotional, power seeking, self-serving motivations that ultimately drive economic matters. Akerlof and Shiller suggest that in our era of irrational exuberance we [...]