On Keynes' Animal Spirits
AbstractAccording to Keynes the formation of entrepreneurial expectations on investment in an uncertain environment depends on conventional judgements and animal spirits, in addition to and supporting rational calculation. Conventions and animal spirits have no room in the mainstream theoretical framework, because their existence makes long-term expectations exogenous and their influence totally arbitrary. For this reason in particular animal spirits have been excluded from scientific enquiry. This paper argues that: a) the theoretical framework of bounded rationality permits reconsidering and supporting Keynes' hypothesis that in an uncertain environment it is reasonable that the decisions of economic agents should depend on non-rational motives, b) in this context, animal spirits can be considered as a typical entrepreneurial impulse, depending on political, social and economic atmosphere: the latter being analysed in terms of motivations of innovative behaviour. Copyright 1999 by WWZ and Helbing & Lichtenhahn Verlag AG
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Wiley Blackwell in its journal Kyklos.
Volume (Year): 52 (1999)
Issue (Month): 3 ()
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0023-5962
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Garrone Giovanna & Marchionatti Roberto, 2007. "The appropriate style of economic discourse. Keynes on Economics and Econometrics," CESMEP Working Papers 200702, University of Turin.
- Antonelli, Cristiano, 2007.
"The system dynamics of collective knowledge: From gradualism and saltationism to punctuated change,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 62(2), pages 215-236, February.
- Antonelli, Cristiano, 2004. "The System Dynamics of Collective Knowledge: from Gradualism and Saltationism to Punctuated Change," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200404, University of Turin.
- Hanoch, Yaniv, 2002. ""Neither an angel nor an ant": Emotion as an aid to bounded rationality," Journal of Economic Psychology, Elsevier, vol. 23(1), pages 1-25, February.
- Marchionatti Roberto, 2002. "Dealing with complexity Marshall and Keynes on the nature of economic thinking," CESMEP Working Papers 200201, University of Turin.
- Anna Carabelli & Nicolo De Vecchi, 2001. "Hayek and Keynes: From a common critique of economic method to different theories of expectations," Review of Political Economy, Taylor and Francis Journals, vol. 13(3), pages 269-285.
- Pech, Wesley & Milan, Marcelo, 2009. "Behavioral economics and the economics of Keynes," The Journal of Socio-Economics, Elsevier, vol. 38(6), pages 891-902, December.
- Marchionatti Roberto, 2009. "J. M. Keynes, thinker of economic complexity," CESMEP Working Papers 200902, University of Turin.
- Garrone Giovanna & Marchionatti Roberto, 2007. "Keynes, statistics and econometrics," CESMEP Working Papers 200703, University of Turin.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.