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Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism (New in Paper) (9780691145921): George A. Akerlof, Robert J. Shiller: Books. Akerlof and Shiller are the first to try to rework economic theory for our times. The effort itself makes their book a milestone. -- Louis Uchitelle, New York Times Book ReviewThere is barely a page of Animal Spirits without a fascinating fact or insight. -- John Lanchester, New YorkerAkerlof and Shiller succeed, too, in demonstrating that conventional macroeconomic analyses often fail because they omit not just readily observable facts like unemployment and institutions such as credit markets but also harder-to-document behavioral patterns that fall within the authors' notion of 'animal spirits.' Confidence plainly matters, and so does the absence of it. When the public mood swings from exuberance to anxiety, or even fear, the effect on asset prices as well as on economic activity outside the financial sector can be large. -- Benjamin M. Friedman, New York Review of BooksTwo of the most creative and respected economic thinkers currently at work, George Akerlof and Robert Shiller, . . . [have written] a fine book at exactly the right time. -- Clive Crook, Financial TimesA truly innovative and bold work. . . . At a time when plummeting confidence is dragging down the market and the economy, the authors' focus on the psychological aspect of economics is incredibly important. -- Michael Mandel, BusinessWeekAnimal Spirits [is] . . . the new must-read in Obamaworld. -- Michael Grunwald, Time[Animal Spirits] really applies to all the big areas where we need change. -- Peter Orszag, Obama budget director (quoted from TimeWhite House Budget Director Peter Orszag is a numbers guy, a propeller head as President Obama would say. But as David Von Drehle and I write in this week's print version of Time, Orszag has been spending his time recently reading not about spreadsheets, but about psychology. In particular, he has been reading a new book by the economists George Akerlof and Robert Shiller called Animal Spirits: How Human Psychology Drives The Economy, and Why It Matters For Global Capitalism. . . . We are, it turns out, slaves to the Animal Spirits. They have brought us to our knees. And now they are the only things that can save us. -- Michael Scherer, Time.com's SwamplandIn their new book, two of the most creative and respected economic thinkers currently at work, George Akerlof and Robert Shiller, argue that the key is to recover Keynes's insight about 'animal spirits'--the attitudes and ideas that guide economic action. The orthodoxy needs to be rebuilt, and bringing these psychological factors into the core of economics is the way to do it. . . . The connections between their thinking on the limits to conventional economics and the issues thrown up by the breakdown are plain, even if they were unable to make every link explicit. Even more than Akerlof and Shiller could have hoped, therefore, it is a fine book at exactly the right time. . . . Animal Spirits carries its ambition lightly--but is ambitious nonetheless. Economists will see it as a kind of manifesto. -- Clive Crook, Financial TimesAn influential Democrat who was also one of the world's top-ten, highest-paid hedge fund managers last year thinks he knows which book is at the top of the White House reading list this spring: Animal Spirits, the powerful new blast of behavioural economics from Nobel prize-winner George Akerlof and Yale economist Robert Shiller. -- Financial TimesAkerlof and Shiller remind us that emotional and intangible factors--such as confidence in institutions, illusions about the nature of money or a sense of being treated unfairly--can affect how people make decisions about borrowing, spending, saving and investing. Animal Spirits is an affectionate tribute to the man [John Maynard Keynes] whose ideas, unfashionable for the past 30 years, have resurged. -- NatureAnimal Spirits is a welcome addition to[7014] 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 economistThis 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 EconomyAnimal 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 MattersAkerlof 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
Shipping Weight: 2 pounds
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