Book Search:  

 

 
Google full text of our books:

bookjacket

Animal Spirits:
How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
George A. Akerlof and Robert J. Shiller

Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics
Winner of the 2009 Book Award, getAbstract International
Winner of the 2009 Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, TIAA-CREF
Winner of the 2009 Finance Book of the Year, CBN (China Business News) Financial Value Ranking
Shortlisted for the 2009 Book of the Year, Financial Times//Goldman Sachs Business
Featured on the Financial Times (FT.com)'s Books of the Year list
Listed on Bloomberg.com in a review by James Pressley as two of "our favorite financial-crisis books this year."

Hardcover | 2009 | $24.95 / £16.95 | ISBN: 9780691142333
248 pp. | 6 x 9 | SHOPPING CART

Reviews | Table of Contents
Introduction [HTML] or [PDF] pdf-icon

Google full text of this book:
 

Read Shiller's Commentaries at
Also available in paperback

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 government--simply 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 life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and 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 spirits--the powerful forces of human psychology that are afoot in the world economy today.

Review:

"Akerlof and Shiller are the first to try to rework economic theory for our times. The effort itself makes their book a milestone. . . . And their book takes their case not just to economists, but also to the general reader. It is short (176 pages of text) and easy enough for laymen to understand."--Louis Uchitelle, New York Times Book Review

"There is barely a page of Animal Spirits without a fascinating fact or insight."--John Lanchester, New Yorker

"Akerlof and Shiller succeed, too, in demonstrating that conventional macroeconomic analyses often fail because they omit not just readily observable facts like unemployment and institutions such as credit markets but also harder-to-document behavioral patterns that fall within the authors' notion of 'animal spirits.' Confidence plainly matters, and so does the absence of it. When the public mood swings from exuberance to anxiety, or even fear, the effect on asset prices as well as on economic activity outside the financial sector can be large."--Benjamin M. Friedman, New York Review of Books

"Animal Spirits [is] . . . the new must-read in Obamaworld."--Michael Grunwald, Time

"[Animal Spirits] really applies to all the big areas where we need change."--Peter Orszag, Obama budget director (quoted from Time magazine article)

More reviews

Table of Contents

This book has been translated into:

  • German
  • Dutch
  • Italian
  • Chinese (Simplified)
  • Japanese
  • French
  • Chinese (Complex)
  • Finnish
  • Thai
  • Czech
  • Russian
  • Serbian
  • Hungarian

Other Princeton books authored or coauthored by George A. Akerlof:

Other Princeton books authored or coauthored by Robert J. Shiller:

Subject Areas:

Shopping Cart:

  • For hardcover/paperback orders:

    For hardcover/paperback orders in the United States, Canada, Latin America, Asia, and Australia

    Hardcover: $24.95 ISBN: 9780691142333

    For hardcover/paperback orders in Europe, Africa, the Middle East, India, and Pakistan

    Hardcover: £16.95 ISBN: 9780691142333

    Add to shopping cart

    Prices subject to change without notice

    File created: 9/23/2014

Questions and comments to: webmaster@press.princeton.edu
Princeton University Press

New Book E-mails
New In Print
PUP Blog
Videos/Audios
Princeton APPS
Sample Chapters
Subjects
Series
Catalogs
Princeton Legacy Library
Textbooks
Media/Reviewers
Class Use
Rights/Permissions
Ordering
Recent Awards
Princeton Shorts
Freshman Reading
PUP Europe
About Us
Contact Us
Links
F.A.Q.
PUP Home


Bookmark and Share
Send me emails
about new books in:
Economics
Psychology
Political Science and International Relations
Finance
More Choices
Email:
Country:
Name: