"To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith’s invisible hand is the keynote of classical economics, Keynes’ animal spirits are the keynote to a different view of the economy — a view that explains the underlying instabilities of capitalism."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Nobel laureates from the United StatesEconomists from the United StatesPeople from MichiganNobel laureates in EconomicsPeople from Detroit
Original Language: English
Available Languages (1)
Sources
George Akerlof and Robert Shiller. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, 2009, Preface
https://en.wikiquote.org/wiki/Robert_J._Shiller
Revision History
No revisions have been submitted for this quote.
Categories
Robert J. Shiller
3 quotes on TrueQuotesView all quotes by Robert J. Shiller →
Related Quotes
"I was reminded of how much I had misjudged the potential the profession would see in the time series rational expecta…"
"This [covariance] is something that is not in the habit of thinking of most amateur investors. They look at their inv…"
"Each person acts on the assumption that more money will bring more happiness; and, indeed, if he does get more money,…"
"The South Carolina outbreak of lettuce-rot occurred in , the second largest lettuce-growing district on the eastern c…"
"A bacterial leafspot disease of the occurs widespread in the Eastern States. It is mostly a disease but occurs occasi…"
"A disease of es which caused big losses to the growers occurred last June in Texas, and in August and September in Ne…"
"A relentless battler against conservative, unscientific economic orthodoxy"
"The post-Keynesian and institutionalist traditions have lost one of their most creative theorists and fervent supporters"
"His path led him to the conviction that the typical enterprise in 20th century capitalism is oligopolistic, with a cl…"
"After his doctorate, the situation created by the decline of McCarthyism and the rise of the civil-rights and antiwar…"