"Unveiling the Impact of Human Psychology on the Economy: Exploring Animal Spirits and Their Significance for Global Capitalism"

Massimo: Non si può capire il mercato finanziario senza leggere questo libro. Introvabile il lingua italiana

Italy on Sep 10, 2023

Andreas: In "Animal Spirits" nehmen Akerlof und Shiller eine Theorie von John Maynard Keynes auf und erforschen diese tiefergehend. Animal Spirits sind dabei die tierischen Züge im menschlichen Wesen, die sonst nicht rational erklärt werden können. Zudem werden diese auf die Wirtschaft angewandt.

Das Buch ist einfach und verständlich geschrieben, sodass auch Laien hier auf ihre Kosten kommen, sofern man sich natürlich für das Thema interessiert. Der Preis dafür ist absolut gerechtfertigt.

Wie aus meiner Rezension deutlich wird, bin ich ein riesen Fan von Shiller und habe bereits andere Bücher von ihm gelesen. Animal Spirits reiht sich in diese Reihe an Meisterwerken nahtlos ein!

Germany on Sep 13, 2021

purvi mundhrapurvi mundhra: The paper quality is amazing.

India on Oct 30, 2020

Javier.: Es un enfoque muy interesante sobre el comportamiento humano en la economía. Es una corriente que no solo está de moda, sino que ofrece explicaciones muy sugestivas sobre el funcionamiento de la sociedad.

Mexico on Jul 04, 2020

Kevin Daniel: Great read.

Interesting thesis.

Canada on Apr 27, 2019

Val Samonis: Beyond Hands Visible or Invisible

In close to forty years of my research, advising, and teaching globally, I have read and reviewed many very interesting and paradigm-changing books in economics and management. However, this book is one of a kind!

The book is nothing short of a revolution in how we think about economics and the real (global) economy in general. While the standard economic theory, rooted in the Adam Smith classical work, sprung up mainly from two abstract, simplified, and rather static ideas of Rational Expectations (RE) and Efficient Market Hypothesis (EMH), the powerful source of the Akerlof & Shiller story is the living and changing organism of the increasingly global economy; the Authors concentrate on the macroeconomic aspects, especially as they apply to the Great Recession started in 2007-8.

Critical to the analysis is the observation that RE and EMH approaches utterly fail to explain the great majority of the economic phenomena, incl. the current Great Recession in the US and globally; this (earlier) sweeping assertion is not even controversial in 2012. The reason it is so is that these standard economic theory approaches completely...

United States on Sep 18, 2012

Camber: The main idea of this book is that, when it comes to economics (both micro and macro), individual and group psychology matters a lot. This means that economic models based on assumptions of rational agents and efficient markets are incomplete at best and misleadingly inaccurate at worst.

Akerlof and Shiller propose five key psychological factors, the most important being confidence (or lack thereof) in the economy and one's personal place in it. The other four factors are perception of economic fairness, perception of corruption (and actual corruption!), understanding of the effects of inflation (money illusion), and the narrative stories we tell in order to interpret our economic past, present, and future. The effects of all of these factors are generally amplified by feedback processes. I believe the authors are essentially correct in their analysis. After all, if you have bad feelings about the economic situation, you'll be reluctant to consume and hire. When a lot of people feel the same way, aggregate consumption and hiring will drop, and a drop in aggregate production must follow.

Akerlof and Shiller next apply these factors in order explain why depressions...

United States on Mar 13, 2010