Animal Spirits (eBook)

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

George A. Akerlof, Robert J. Shiller (Autoren)

eBook Download: EPUB

2010
264 Seiten
Princeton University Press (Verlag)
978-1-4008-3472-3 (ISBN)

Infos

From acclaimed economists George Akerlof and Robert Shiller, the case for why government is needed to restore confidence in the economyThe 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, "e;animal spirits"e; 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. In a new preface, they describe why our economic troubles may linger for some time-unless we are prepared to take further, decisive action.

Autor

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.

Produkt-Details

• Erscheint lt. Verlag: 1.2.2010
• Zusatzinfo: 1 table.
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
• Schlagworte: American Recovery and Reinvestment Act of 2009 • Animal spirits (Keynes) • asset • bank holding company • bank run • Bankruptcy • Bear Stearns • Behavioral Economics • Bond Market • Capitalism • Capital requirement • Central Bank • Commercial Paper • consumer • Consumption (Economics) • Corruption • Council of Economic Advisers • Credit Crunch • Credit (finance) • Creditor • Currency • debt • Deflation • Deposit account • deposit insurance • disaster • dividend • Economic Growth • Economic Policy • economic problem • Economics • economist • economy • Economy of the United States • Employment • Enron • Expenditure • Finance • Financial Crisis • Financial crisis of 2007–08 • Financial institution • Financial Services • Fiscal Policy • Full employment • Hedge Fund • High-yield debt • income • Inflation • Interest • Interest Rate • Investment • Investor • invisible Hand • Involuntary unemployment • Irrational Exuberance • Keynesian Economics • Lehman Brothers • Leverage (finance) • line of credit • Long-Term Capital Management • Macroeconomics • market liquidity • Milton Friedman • monetary policy • Money illusion • Money Supply • mortgage loan • National Bureau of Economic Research • Payment • Phillips Curve • Prediction • price of oil • Provision (accounting) • Real estate appraisal • real estate bubble • real estate economics • Real versus nominal value (economics) • Recession • saving • Securitization • Shadow Banking System • Share Price • Stock Market • Stock market crash • Supply (economics) • systemic risk • Tax • Technology • Textbook • Trade-off • tranche • treasury bill • Uncertainty • Unemployment • Value (economics) • wage • Wealth • World Economy • World War II • year
• ISBN-10: 1-4008-3472-4 / 1400834724
• ISBN-13: 978-1-4008-3472-3 / 9781400834723