The global financial crises of recent years have made it painfully clear that psychological forces can imperil the wealth of nations. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, animal spirits drive financial events worldwide. In this book, acclaimed economists George Akerlof and Robert shiller present a serious alternative to the standard economic theory that has failed to account for these essential human factors, and provide a radical new way to think about the economy.
Looking back to the prevalent despondence preceding the Great Depression and the changing psychology that accompanied recovery - which led john Maynard Keynes to coin the term animal spirits - Akerlof and Shiller reassert the necessity of an active government role in economic policymaking. In a new preface, they describe why our economic troubles may linger for some time-unless we are prepared to take further, decisive action.
Table of Contents
Preface to the Paperback Edition
Part One: Animal Spirits
|Title:||Animal Spirits||Publisher:||PRINCETON UNIVERISITY PRESS|
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