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- Herausgeber: Political Book Summaries
- Kategorie: Fachliteratur
- Sprache: Englisch
The must-read summary of George A. Akerlof and Robert J. Shiller's book: “Animal Spirits: How Human Psychology Drives the Economy, and why it Matters for Global Capitalism”.
This complete summary of "Animal Spirits" by George A. Akerlof and Robert J. Shiller, two renowned economists, presents their view that conventional economics has ignored elements such as confidence, trust, fairness and corruption. They argue that these elements must be taken into account to take better economic decisions, and that human psychology should not be underestimated when global financial markets are being considered.
Added-value of this summary:
• Save time
• Understand how human psychology relates to economics
• Expand your knowledge of economic issues
To learn more, read "Animal Spirits" and discover Akerlof and Shiller's original and effective approach to economics in terms of psychology.
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Seitenzahl: 20
Veröffentlichungsjahr: 2017
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Book Presentation: Animal Spirits by George A. Akerlof and Robert J. Shiller
Book Abstract
“Animal spirits” are those elements in the economy that are difficult to measure and quantify – elements like confidence and trust, fairness and corruption, and the role of stories. The authors assert that conventional economic theory has ignored the role of animal spirits to its detriment, for animal spirits help to explain much of what has caused our dire current economic conditions.
Taking animal spirits into consideration on a personal and institutional level will allow people to make better economic decisions, and lead to necessary reform and regulations of the financial institutions.
About the Author
George A. Akerlof is the 2001 winner of the Nobel Prize in Economics. He is also the Daniel E. Koshland Distinguished Professor of Economics at the University of California, Berkeley.
Robert J. Schiller is the author of Irrational Exuberance and The Subprime Solution. He is also the Arthur M. Okun Professor of Economics at Yale University.
Summary of Animal Spirits (George A. Akerlof and Robert J. Shiller)
Introduction
In Keynesian macroeconomic theory, while most economic activity results from rational economic motivations, much is governed by “animal spirits,” i.e. noneconomic motives. Keynes believed these “animal spirits” were the main cause for economy fluctuations and the main cause for involuntary unemployment.
During the 1970s, the New Classical view of economics arose. In that view, animal spirits should not be considered at all, and thus, the belief that government should not interfere with people’s self-interest influenced national policies across the globe. However, behavioral economics explains how the economy really works when real people act on their human instincts.
The Animal Spirits
In the original use of the term, “animal spirits” refers to a basic mental energy and life force. But in modern economics, it refers to the restless and inconsistent element in the economy, which results from noneconomic motives.
