We simply do not know!
John Gray: Keynes, 19 November 2009
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
by George Akerlof and Robert Shiller.
Princeton, 230 pp., £16.95, February 2009,978 0 691 14233 3 Show More
by George Akerlof and Robert Shiller.
Princeton, 230 pp., £16.95, February 2009,
“... economic thought is shaky, they also fail to grasp why Keynes rejected the idea that markets are self-stabilising. Throughout Animal Spirits they portray him as reintegrating psychology with economic theory. No doubt this was one of Keynes’s goals, but it is not his most fundamental revision of economic orthodoxy. Among his other accomplishments he was the ... ”