IDEAS home Printed from https://ideas.repec.org/a/eee/soceco/v39y2010i2p150-154.html
   My bibliography  Save this article

Does Akerlof and Shiller's Animal Spirits provide a helpful new approach for macroeconomics?

Author

Listed:
  • Schwartz, Hugh

Abstract

Animal 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.

Suggested Citation

  • Schwartz, Hugh, 2010. "Does Akerlof and Shiller's Animal Spirits provide a helpful new approach for macroeconomics?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 150-154, April.
    • Handle: RePEc:eee:soceco:v:39:y:2010:i:2:p:150-154
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/B6W5H-4YHT7TD-2/2/bac248fc7b7b4f48ae1eea577b533ec1
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. 10 Monday PM Reads
      by Barry Ritholtz in The Big Picture on 2014-02-25 03:30:46
    2. Does Akerlof and Shiller’s Animal Spirits provide a helpful new approach for macroeconomics?
      by Alessandro Cerboni in Knowledge Team on 2014-02-24 03:08:14

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lopes, Miguel Pereira, 2011. "A psychosocial explanation of economic cycles," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(5), pages 652-659.
    2. Gerasimos T. Soldatos & Erotokritos Varelas, 2015. "A first formal approach to animal spirits beyond uncertainty," European Journal of Government and Economics, Europa Grande, vol. 4(2), pages 104-117, December.
    3. Sabine Frerichs, 2011. "False Promises? A Sociological Critique of the Behavioural Turn in Law and Economics," Journal of Consumer Policy, Springer, vol. 34(3), pages 289-314, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:soceco:v:39:y:2010:i:2:p:150-154. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620175 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.