We simply do not know!
John Gray: Keynes, 19 November 2009
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
by George Akerlof and Robert Shiller.
Princeton, 230 pp., £16.95, February 2009,978 0 691 14233 3 Show More
by George Akerlof and Robert Shiller.
Princeton, 230 pp., £16.95, February 2009,
“... a brief postscript to one of the chapters and a few remarks in the preface, George Akerlof and Robert Shiller’s Animal Spirits was written before the current crisis. Yet, based on research undertaken over many years, it can be read as prefiguring the current disillusionment with economics. The trouble with prevailing theories, in Akerlof and Shiller’s ... ”