• RRP: £16.95
  • You Save: £1.07 (6%)
FREE Delivery in the UK.
Only 1 left in stock (more on the way).
Dispatched from and sold by Amazon. Gift-wrap available.
Quantity:1
Animal Spirits: How Human... has been added to your Basket
+ £2.80 UK delivery
Used: Good | Details
Condition: Used: Good
Comment: Dispatched from the US -- Expect delivery in 2-3 weeks. Former Library books. Shows some signs of wear, and may have some markings on the inside. 100% Money Back Guarantee. Shipped to over one million happy customers. Your purchase benefits world literacy!
Have one to sell?
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See all 2 images

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism Hardcover – 18 Feb 2009

4.1 out of 5 stars 40 customer reviews

See all formats and editions Hide other formats and editions
Amazon Price
New from Used from
Kindle Edition
"Please retry"
Hardcover
"Please retry"
£15.88
£5.84 £1.09
Note: This item is eligible for click and collect. Details
Pick up your parcel at a time and place that suits you.
  • Choose from over 13,000 locations across the UK
  • Prime members get unlimited deliveries at no additional cost
How to order to an Amazon Pickup Location?
  1. Find your preferred location and add it to your address book
  2. Dispatch to this address when you check out
Learn more
£15.88 FREE Delivery in the UK. Only 1 left in stock (more on the way). Dispatched from and sold by Amazon. Gift-wrap available.
click to open popover

Special Offers and Product Promotions


Frequently Bought Together

  • Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
  • +
  • The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It
  • +
  • How Markets Fail: The Logic of Economic Calamities
Total price: £37.22
Buy the selected items together

Enter your mobile number below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
Getting the download link through email is temporarily not available. Please check back later.

  • Apple
  • Android
  • Windows Phone

To get the free app, enter your mobile phone number.




Product details

  • Hardcover: 248 pages
  • Publisher: Princeton University Press (18 Feb. 2009)
  • Language: English
  • ISBN-10: 0691142335
  • ISBN-13: 978-0691142333
  • Product Dimensions: 16.1 x 2.4 x 24.1 cm
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (40 customer reviews)
  • Amazon Bestsellers Rank: 191,362 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

Review

This book is a sorely needed corrective. Animal Spirits is an important--maybe even a decisive --contribution at a difficult juncture in macroeconomic theory.<br/> (Robert M. Solow, Nobel Prize-winning economist )

From the Back Cover

"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 economist

"This 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 Economy

""Animal 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 Matters"

"Akerlof 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

See all Product Description

Customer Reviews

Top Customer Reviews

Format: Hardcover Verified Purchase
A reformation is the restoration of a system of thought to the purity of its original ideas. The Keynesian Revolution in economics of the 1930s departed from the economic orthodoxy of its time partly by stressing the importance to the economy of emotional drives - "animal spirits" . Arkelof and Schiller describe how Keynesian economics was emasculated by the relegation of animal spirits to a minor role, in an effort to make it more palatable to classical economists . The authors argue there is now sufficient evidence to prove the importance of animal spirits beyond doubt, and the resulting re-invigorated Keynesian economics should be sufficient to encourage and legitimise government policy makers to implement measures of sufficient boldness to get us out of the current economic crises. I summarise the ground covered in this book in more detail in an article on wiki.

This book is written in a clear and accessible style, and should appeal to the general reader seeking to understand the reasons for the current financial cries, or just looking to deepen their understanding of the economy in general. The authors extol the virtues of the free market and are against excessive government control, but they make a powerful case for more robust intervention than has been fashionable in western economies for the past few decades. I hope this book is widely read by both policy makers and economists, and has the desired effect in boosting Keynesian influences on political decision making so the current crises can be quickly contained and replaced by a more stable and fairer economy.

I have a few concerns about the books style and lack of polish. The preface is bold and compelling, yet most of the following chapters lack energy and rigour.
Read more ›
Comment 24 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover
Nobel laureate George A. Akerlof and prescient Yale economics professor Robert J. Shiller explain the role of human psychology in markets. They say conventional economic theory assigns too much weight to the role of reason in economic decision making, and too little to the role of irrational emotional and psychological factors. That insight would have been novel a few years back, but numerous other authors have made the same point, though few with such sterling credentials. Having asserted their beliefs and offered evidence about the power of emotions, or "animal spirits," the authors prescribe curative policies though they don't always illuminate their proposals' full real-world impact. Akerlof and Shiller's distinguished reputations command attention, and getAbstract confirms that their book is worthwhile reading. Yet, those who know the authors' bodies of work may wish for even more insight.
Comment 14 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover
This is a very timely book. It seems that we are at a bit of a turning point in terms of economic ideas, and a more behaviourally-informed view of the world looks likely to become more prominent. The book is also very of the moment as it is pitched as in part sketching out a behaviourally-informed Keynesianism (the term 'animal spirits' being used in the General Theory).

It is basically split into two parts - the first section runs though some key concepts that affect behaviour, and the second applies these concepts to a number of issues. The concepts that the authors highlight are confidence, fairness, corruption and bad faith, money illusion and stories. All of these are important factors as they show how human decision-making is not necessarily rational and self-maximising.

Just to take a couple of examples from this list, Akerlof has been involved in some very interesting research into how conceptions of `fairness' affect market behaviour. Although it might be assumed that we are only motivated by our own interests, and fairness doesn't really matter to us, actually `unfair' behaviour can make (some of) us want to negatively reciprocate (retaliate), and willing to sacrifice our own potential gains in order to punish those acting unfairly. This has obvious implications (as Akerlof has argued previously) in terms of employment relations.

I was also very interested to see stories as one of the factors that they identify. This is a key part of Shiller's analysis of bubble psychology too (the stories we tell each other about what is going on act as positive reinforcement/feedback).
Read more ›
Comment 19 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover Verified Purchase
This book is aptly subtitled "How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism". Much as economics would like to be a science, it is still firmly in the realm of social science. For all the econometrics and complex computer models it is still at its heart about the behaviour of people. And people are only rational and self-interested on the surface; below this are their emotions, their sense of fairness, culture, fear and greed. No economist has ever produced a comprehensive mathematical model for these attributes.

The term "animal spirits" comes from the Latin "spiritus animalis", the life force. It has been adopted and adapted by economists to describe the human factor. The economist John Maynard Keynes incorporated it into his work, a fact overlooked by many later Keynesians but not by the authors of this book.

This is an economics book without graphs, tables or equations, making it an accessible read, but it is still a book about economics and the dismal science cannot be avoided. The ability to construct quantifiable theories is not enough to describe economics and economic behaviour. Indeed, basing government policy on purely quantifiable theories can be dangerous. To put the proper emphasis on the soft, unquantifiable factors that drive the economy is what this book is all about.

THE BOOK has 176 pages plus 22 pages of Notes and 20 pages of References. It is split into two parts: "Animal Spirits" and "Eight Questions and their Answers". These questions are:

+ Why Do Economies Fall into Depression?
+ Why Do Central Bankers Have Power over the Economy?
+ Why Are There People Who Cannot Find a Job?
Read more ›
Comment One person found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse

Most Recent Customer Reviews



Feedback