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Animal Spirits

How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

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Animal Spirits

By: George A. Akerlof, Robert J. Shiller
Narrated by: Marc Vietor
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About this listen

 The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity.

Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them.

Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today.

©2009 George Akerlof and Robert Shiller (P)2009 Audible, Inc. Economics Macroeconomics Politics & Government Theory Government US Economy

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Most relevant  
Some very basic insights from psychology that are an essential first step in making economics more in the with how people actually behave, and thus doing a better job of analysing and regulating the macro economy.

The first step in fixing economics

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An interesting essay on how the animal spirit affects "rational"economics. Although we like to look at macro economics data to influence decision about the economy we often overlook the human condition and how it reacts to an environment. enjoyed the book overall although some bits in the beginning I struggled to follow. However this is a reflection of myself as a layman and not the author.

illustrative how human bias impacts economics

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Great insight into individual behaviours. By personal experience know how much some of the animal spirits such as fairness plays a role in ones behaviour. Also concepts presented in way easy to comprehend.

Excellent book

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