Does Akerlof and Shiller's Animal Spirits provide a helpful new approach for macroeconomics?
AbstractAnimal Spirits (2009) is a timely and widely appreciated work focusing on the need to incorporate behavioral factors in macroeconomic analysis that draws on a famous reference of John Maynard Keynes. Nonetheless, it has a number of limitations. Those in several chapters are noted. Most important, however, the book does not break down "animal spirits" into its components, and distinguish sufficiently between (1) cognitive, (2) emotional, (3) cultural, and (4) visceral factors, or (5) those emanating from neuroeconomics. There is not enough reference to the advances of behavioral microeconomics and there is no explanation why so little progress has been made in behavioral macroeconomics despite approximately fifteen years of efforts.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).
Volume (Year): 39 (2010)
Issue (Month): 2 (April)
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Web page: http://www.elsevier.com/locate/inca/620175
Animal spirits Behavioral economics; Financial and economic crises Keynes Macroeconomics Psychology;
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Does Akerlof and Shillerâs Animal Spirits provide a helpful new approach for macroeconomics?
by Alessandro Cerboni in Knowledge Team on 2014-02-23 21:08:14
- 10 Monday PM Reads
by Barry Ritholtz in The Big Picture on 2014-02-24 21:30:46
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