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List Price: $24.95Amazon.com's Price: $16.47 You Save: $8.48 (34%)as of 03/18/2010 17:07 EDT
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Binding: Hardcover
Dewey Decimal Number: 330.122019
EAN: 9780691142333
ISBN: 0691142335
Label: Princeton University Press
Manufacturer: Princeton University Press
Number Of Items: 1
Number Of Pages: 264
Publication Date: January 29, 2009
Publisher: Princeton University Press
Studio: Princeton University Press
Features:- ISBN13: 9780691142333
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Editorial Review:
Product Description:
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.
Average Rating: 
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The main idea of this book is that, when it comes to economics (both micro and macro), individual and group psychology matters a lot. This means that economic models based on assumptions of rational agents and efficient markets are incomplete at best and misleadingly inaccurate at worst.
Akerlof and Shiller propose five key psychological factors, the most important being confidence (or lack thereof) in the economy and one's personal place in it. The other four factors are perception ... Read More
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Animal Spirits is a must read for strategists and those interested in understanding complex economic cycles. Akerlof and Shiller make a compelling case that emotional triggers drive economic activity and the appropriate role for governments in influencing and regulating financial markets.
Part theory and part application, Animal Spirits is part economics and part social commentary. Not an economic text, this book is easy to read and to understand. For those who aspire to gain a rich understanding ... Read More
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Behavioural economics matters for macroeconomics. Changes in confidence have a multiplier effect on finances and the economy as a whole. The desire for fairness impacts labor markets and makes them sticky downwards during a recession. Corruption is part of capitalism and leads to the bursting of bubbles. Most individuals suffer from "money illusion" and are unable to make wise financial decisions. Stories play a major role in politics and individuals' worldviews. The authors expound on these 5 topics effectively. ... Read More
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A must read for anyone interested in why we have business cycles in general and to an number of specific question about recent economic mishaps and how our "animal spirit" played a role in the ultimate outcomes.
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Economics was very focused on rationality of individuals. now both economists and finance people start to question this idea. This book is a very good introduction to rationality of people and put forward a new idea "animal spirits". But dont forget even though the writers try to write a very introductory book, the readers still need to have idea about some basic topics in economics 101.
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