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

ISBN13: 9780691142333
ISBN10: 0691142335
Condition: Standard
Dustjacket: Standard
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Synopses & Reviews

Publisher Comments:

"This book is a sorely needed corrective. Animal Spirits is an important--maybe even a decisive--contribution at a difficult juncture in macroeconomic theory."--Robert M. Solow, Nobel Prize-winning economist

"This book is dynamite. It is a powerful, cogent, and convincing call for a fundamental reevaluation of basic economic principles. It presents a refreshingly new understanding of important economic phenomena that standard economic theory has been unable to explain convincingly. Animal Spirits should help set in motion an intellectual revolution that will change the way we think about economic depressions, unemployment, poverty, financial crises, real estate swings, and much more."--Dennis J. Snower, president of the Kiel Institute for the World Economy

"Animal Spirits makes a very timely and significant contribution to the development of a new dominant paradigm for economics that acknowledges the imperfections of human decision making, a need which the panic in financial markets makes all too apparent. I am not aware of any other book like this one."--Diane Coyle, author of The Soulful Science: What Economists Really Do and Why It Matters

"Akerlof and Shiller explore how animal spirits contribute to the performance of the macroeconomy. The range of issues they cover is broad, including the business cycle, inflation and unemployment, the swings in financial markets and real estate, the existence of poverty, and the way monetary policy works. This book is provocative and persuasive."--George L. Perry, Brookings Institution

Synopsis:

"This book is a sorely needed corrective. Animal Spirits is an important--maybe even a decisive--contribution at a difficult juncture in macroeconomic theory."--Robert M. Solow, Nobel Prize-winning economist

"This book is dynamite. It is a powerful, cogent, and convincing call for a fundamental reevaluation of basic economic principles. It presents a refreshingly new understanding of important economic phenomena that standard economic theory has been unable to explain convincingly. Animal Spirits should help set in motion an intellectual revolution that will change the way we think about economic depressions, unemployment, poverty, financial crises, real estate swings, and much more."--Dennis J. Snower, president of the Kiel Institute for the World Economy

"Animal Spirits makes a very timely and significant contribution to the development of a new dominant paradigm for economics that acknowledges the imperfections of human decision making, a need which the panic in financial markets makes all too apparent. I am not aware of any other book like this one."--Diane Coyle, author of The Soulful Science: What Economists Really Do and Why It Matters

"Akerlof and Shiller explore how animal spirits contribute to the performance of the macroeconomy. The range of issues they cover is broad, including the business cycle, inflation and unemployment, the swings in financial markets and real estate, the existence of poverty, and the way monetary policy works. This book is provocative and persuasive."--George L. Perry, Brookings Institution

Synopsis:

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.

About the Author

George A. Akerlof is the Daniel E. Koshland Sr. Distinguished Professor of Economics at the University of California, Berkeley. He was awarded the 2001 Nobel Prize in economics. Robert J. Shiller is the best-selling author of "Irrational Exuberance" and "The Subprime Solution" (both Princeton). He is the Arthur M. Okun Professor of Economics at Yale University.

Table of Contents

Preface vii
Acknowledgments xiii
Introduction 1

Part One: Animal Spirits
Chapter One: Confidence and Its Multipliers 11
Chapter Two: Fairness 19
Chapter Three: Corruption and Bad Faith 26
Chapter Four: Money Illusion 41
Chapter Five: Stories 51

Part Two: Eight Questions and Their Answers
Chapter Six: Why Do Economies Fall into Depression? 59
Chapter Seven: Why Do Central Bankers Have Power over the Economy (Insofar as They Do)? 74
Postscript to Chapter Seven: The Current Financial Crisis: What Is to Be Done? 86
Chapter Eight: Why Are There People Who Cannot Find a Job? 97
Chapter Nine: Why Is There a Trade-off between Inflation and Unemployment in the Long Run? 107
Chapter Ten: Why Is Saving for the Future So Arbitrary? 116
Chapter Eleven: Why Are Financial Prices and Corporate Investments So Volatile? 131
Chapter Twelve: Why Do Real Estate Markets Go through Cycles? 149
Chapter Thirteen: Why Is There Special Poverty among Minorities? 157
Chapter Fourteen: Conclusion 167

Notes 177
References 199
Index 219

What Our Readers Are Saying

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Average customer rating based on 1 comment:

Effie, July 17, 2009 (view all comments by Effie)
There's much of interest in this book, and a lot of word padding. But in these harsh economic times,all theories are welcome--and everyone is eager to read about them.
Was this comment helpful? | Yes | No
(2 of 3 readers found this comment helpful)

Product Details

ISBN:
9780691142333
Author:
George A. Akerlof and Robert J. Shiller
Publisher:
Princeton University Press
Author:
Akerlof, George A.
Author:
Shiller, Robert J.
Location:
Princeton
Subject:
Economics - General
Subject:
Public Policy - Economic Policy
Subject:
Capitalism
Subject:
Economics
Subject:
Globalization
Subject:
General Business & Economics
Subject:
Psychology
Subject:
Political Science and International Relations
Subject:
Finance
Copyright:
Publication Date:
February 2009
Binding:
HARDCOVER
Grade Level:
College/higher education:
Language:
English
Illustrations:
Y
Pages:
248
Dimensions:
9 x 6 in 18 oz

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Related Subjects

Featured Titles » History and Social Science
History and Social Science » Economics » General
History and Social Science » Politics » General
History and Social Science » World History » General
Science and Mathematics » Biology » Primatology

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism Used Hardcover
0 stars - 0 reviews
$12.50 In Stock
Product details 248 pages Princeton University Press - English 9780691142333 Reviews:
"Synopsis" by , "This book is a sorely needed corrective. Animal Spirits is an important--maybe even a decisive--contribution at a difficult juncture in macroeconomic theory."--Robert M. Solow, Nobel Prize-winning economist

"This book is dynamite. It is a powerful, cogent, and convincing call for a fundamental reevaluation of basic economic principles. It presents a refreshingly new understanding of important economic phenomena that standard economic theory has been unable to explain convincingly. Animal Spirits should help set in motion an intellectual revolution that will change the way we think about economic depressions, unemployment, poverty, financial crises, real estate swings, and much more."--Dennis J. Snower, president of the Kiel Institute for the World Economy

"Animal Spirits makes a very timely and significant contribution to the development of a new dominant paradigm for economics that acknowledges the imperfections of human decision making, a need which the panic in financial markets makes all too apparent. I am not aware of any other book like this one."--Diane Coyle, author of The Soulful Science: What Economists Really Do and Why It Matters

"Akerlof and Shiller explore how animal spirits contribute to the performance of the macroeconomy. The range of issues they cover is broad, including the business cycle, inflation and unemployment, the swings in financial markets and real estate, the existence of poverty, and the way monetary policy works. This book is provocative and persuasive."--George L. Perry, Brookings Institution

"Synopsis" by , 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.

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