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Animal Spirits
- How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
- Narrated by: Marc Vietor
- Length: 8 hrs and 16 mins
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Animal Spirits
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Summary
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.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Kesava
- 02-02-15
Excellent book
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.
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2 people found this helpful
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story4 out of 5 stars
- Jennifer Sheehy-Skeffington
- 12-05-19
The first step in fixing economics
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.
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Overall3 out of 5 stars
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Performance5 out of 5 stars
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Story3 out of 5 stars
- Mr. H.
- 03-08-20
illustrative how human bias impacts economics
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.
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