---
product_id: 62310808
title: "Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism"
brand: "george a akerlofrobert j shiller"
price: "285 kr"
currency: DKK
in_stock: true
reviews_count: 8
url: https://www.desertcart.dk/products/62310808-animal-spirits-how-human-psychology-drives-the-economy-and-why
store_origin: DK
region: Denmark
---

# Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

**Brand:** george a akerlofrobert j shiller
**Price:** 285 kr
**Availability:** ✅ In Stock

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- **What is this?** Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by george a akerlofrobert j shiller
- **How much does it cost?** 285 kr with free shipping
- **Is it available?** Yes, in stock and ready to ship
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Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

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## Customer Reviews

### ⭐⭐⭐⭐⭐ 5.0 out of 5 stars







  
  
    An antidote for the noughties?
  

*by T***S on Reviewed in the United Kingdom on 31 July 2009*

For over seven decades, so-called Keynesians - and other economists - have been stripping the animal spirits out of the General Theory, and along the way the resulting economic thought has produced the environment that led to the crisis of the late noughties. The ideological pathway, however, traces back three decades to Thatcher and Reagan releasing market forces through government regimes which Akerlof and Shiller, in this antidote to laissez-faire, liken to indulgent parents allowing their kids to run amok.That economics is going through something of a crisis itself is self-evident. Even the dismal science's house periodical, The Economist itself, ran a series of features to that effect in July 2009. Akerlof and Shiller attempt to redress the balance through the reintroduction of animal spirits via the relatively new school of behavioural economics, of which Akerlof is a leading exponent. They're looking for a "happy home" which allows some fun, but also draws some very clear demarcation lines between what is and isn't acceptable.The account begins with a look at animal spirits and their gradual marginalisation in economic orthodoxy. They discuss the role of Confidence; how Fairness is often an afterthought; how Corruption and Bad Faith creep in and how, in this context, accountants are our white-hatted heroes (though we do pause for thought over the role of Arthur Andersen in Enron). They lament the fact that too often "economics" books are economics books only, to the exclusion of the other social sciences (for a different treatment of economics which shares this sentiment see also Douglass North's Understanding The Process Of Economic Change).A poignant aside is their observation on the increasing popularity of poker at the expense of the more collaborative game of contract bridge. This is at least an appropriate metaphor for the nature of finance in the early 21st Century, even if it isn't an indicator.Having laid the foundations in Part 1, Part 2 proceeds to analyse and explain a number of economic phenomena such as commodities market fluctuations, the low propensity of people to save in the US, and real estate cycles.Throughout they don't waste opportunities to have a snipe at some of those whose economics have, in their view, landed us in the current mess. There is a heavy hint of criticism of the Chicago school in general, a particularly targeted pop at Long Term Credit Management and its leading lights, Nobel laureates Merton and Scholes, and they even manage a gentle swing at sacred cows such as Milton Friedman and Paul Samuelson.They also create opportunities to propose solutions, often beginning with the premise that if there is one function Government needs to perform it is the keeping in check of animal spirits, not to mention cleaning up the mess when things go wrong without creating the conditions where moral hazard becomes a real threat. A key passage comes in Chapter 11, which includes the conclusion that "what allows capitalism to function is the regulations which assure" us that when we buy something we are "getting a product with some guarantees."Chapter 13, which is possibly the one most deserving and in need of elaboration, tackles the issues of minorities, and particularly the predicament of American blacks born into an apparently inexorable cycle of Us and Them. Very bravely in my opinion, at least from an intellectual point of view, they use this chapter to defend the principle of affirmative action programmes, and also to attack the government philosophy which gives a black male in the US a 25% lifetime chance of at some time being incarcerated in prison.With regard to the writing, the prose throughout is highly readable, and the editing is generally good, although on page 65, when discussing bankers' failure to appreciate the import of the overheating economy in the 1920s, they say, "Thus they did fully appreciate its dangers", where I think the word "not" has been lost.Readers of Akerlof's more academic works will likely find this particular volume rather lightweight. That has to be to the good, however, given the need to popularise some of the notions espoused here. I won't pretend to be 100% in agreement with their entire thesis, but I'd certainly rather see politicians singing to this hymnsheet than to Friedman's.

### ⭐⭐⭐⭐ 4.0 out of 5 stars







  
  
    Useful structure
  

*by G***L on Reviewed in the United Kingdom on 29 March 2010*

What I found interesting about the book was not the authors' pointing out that the economy doesn't always function rationally (one only needs eyes and half a brain to work that out), but their description of the elements that they suggest make up at least part of that irrationality. Akerlof and Shiller's classification of 'animal spirits' into confidence, fairness, corruption and bad faith, money illusion and stories strikes me as a useful tool for analysing and understanding economic events.The book doesn't put forward very specific solutions for 'replacing rather than repairing Humpty Dumpty', but is well worth reading nonetheless.

### ⭐⭐⭐⭐⭐ 5.0 out of 5 stars







  
  
    The start of a Keynesian Reformation?
  

*by F***D on Reviewed in the United Kingdom on 1 March 2009*

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.  Its easy to see it was written more than a year back when the neoliberal view point was orthodox, and thus the authors did not feel entitled to argue as confidently as they might today. Shiller in particular is entitled to speak with authority  as he  was one of the few prominent economists to speak out strongly in favour of Keynesian solutions in the crucial early months of 2008, where if the then still strong free market orthodoxy had not been driven back we'd be in a far worse state than we are now (see my wikki article on the Keynesian Resurgence)  While the frequent use of stories to support their positions makes the book a quick and easily digestible read,  it would have been greatly strengthened by less sparse use of numerical data and charts, and especially by greater references to the work of others in behavioural economics and other relevant areas. I like authors to often  use the feminine pronoun  instead of  the traditional masculine or the clumsy he / she  , but its jarring when they do it all the time and if one's going to feminise 'joe public'  , is it necessary to use Josepha rather than the cooler Jo or the more pleasing Josephine?  Well perhaps the authors know best how to pitch the book to persuade their fellow Americans, and they felt the urgent need for their message justified rushing to publicise.  I hope they will soon release a second edition which will at least be more generously referenced.  The message is spot on, I hope the presentation is sufficiently strong for the book to have the revolutionary effect it deserves to.

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*Last updated: 2026-01-28*