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

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

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by George A. Akerlof, Robert J. Shiller
     
 

"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.

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Overview

"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

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Product Details

ISBN-13:
9780691142333
Publisher:
Princeton University Press
Publication date:
01/29/2009
Pages:
264
Sales rank:
902,884
Product dimensions:
6.40(w) x 9.30(h) x 0.90(d)

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

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