Animal Spirits

Zusatztext "Akerlof and Shiller deserve at least two cheers--one for providing a more solid psychological foundation for our understanding of confidence and another for re-introducing such an important concept into mainstream macroeconomics." ---Martin Rapetti, Eastern Economic Journal Informationen zum Autor George A. Akerlof & Robert J. ShillerWith a new preface by the authors Klappentext Shortlisted for the 2009 "Financial Times/ Goldman Sachs Business Book Of The Year" award, and ahead of the eventual winner in the online poll, this incisive book explores the role of human psychology in the global financial system and offers a radical new way to think about the economy. Priced competitively, this will be of great interest to anyone in business, or those who just want to understand how recent crises have occurred. Zusammenfassung From acclaimed economists George Akerlof and Robert Shiller, the case for why government is needed to restore confidence in the economy 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 governmentsimply 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 lifesuch as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunesand 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 spiritsthe 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 timeunless we are prepared to take further, decisive action. Inhaltsverzeichnis Preface to the Paperback Edition vii Preface xxi Acknowledgments xxvii Introduction 1 Part One: Animal Spirits ONE Confidence and Its Multipliers 11 TWO Fairness 19 THREE Corruption and Bad Faith 26 FOUR Money Illusion 41 FIVE Stories 51 Part Two: Eight Questions and Their Answers SIX Why Do Economies Fall into Depression? 59 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 EIGHT Why Are There People Who Cannot Find a Job? 97 NINE Why Is There a Trade-off between Inflation and Unemployment in the Long Run? 107 TEN Why Is Saving for the Future So Arbitrary? 116 ELEVEN Why Are Financial Prices and Corporate Investments So Volatile? 131 TWELVE Why Do Real Estate Markets Go through Cycles? 149 THIRTEEN Why Is There Special Poverty among Minorities? 157 FOURTEEN Conclusion 167 Notes 177 References 199 Index 219 ...

Auteur

George A. Akerlof & Robert J. Shiller With a new preface by the authors

Texte du rabat

Shortlisted for the 2009 "Financial Times/ Goldman Sachs Business Book Of The Year" award, and ahead of the eventual winner in the online poll, this incisive book explores the role of human psychology in the global financial system and offers a radical new way to think about the economy. Priced competitively, this will be of great interest to anyone in business, or those who just want to understand how recent crises have occurred.

Résumé

From acclaimed economists George Akerlof and Robert Shiller, the case for why government is needed to restore confidence in the economy

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 governmentsimply 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 lifesuch as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunesand 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 spiritsthe 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 timeunless we are prepared to take further, decisive action.

Contenu

Preface to the Paperback Edition vii Preface xxi Acknowledgments xxvii Introduction 1 Part One: Animal Spirits ONE Confidence and Its Multipliers 11 TWO Fairness 19 THREE Corruption and Bad Faith 26 FOUR Money Illusion 41 FIVE Stories 51 Part Two: Eight Questions and Their Answers SIX Why Do Economies Fall into Depression? 59 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 EIGHT Why Are There People Who Cannot Find a Job? 97 NINE Why Is There a Trade-off between Inflation and Unemployment in the Long Run? 107 TEN Why Is Saving for the Future So Arbitrary? 116 ELEVEN Why Are Financial Prices and Corporate Investments So Volatile? 131 TWELVE Why Do Real Estate Markets Go through Cycles? 149 THIRTEEN Why Is There Special Poverty among Minorities? 157 FOURTEEN Conclusion 167 Notes 177 References 199 Index 219