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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
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... this. Apart from a brief postscript to one of the chapters and a few remarks in the preface, George Akerlof and Robert Shiller’s Animal Spirits was written before the current crisis. Yet, based on research undertaken over many years, it can be read as prefiguring the current disillusionment with economics. The trouble with prevailing theories, in ...

Short Cuts

John Lanchester: Phished, 3 December 2015

... the explanation is perfectly obvious. Somebody is – perfectly legally – trying to rip us off. George Akerlof and Robert Shiller’s new book, Phishing for Phools (Princeton, £16.95), is about this subject. It concerns, as its subtitle says, ‘the economics of manipulation and deception’. Akerlof and Shiller ...

Down with deflation!

Paul Seabright, 12 December 1996

... a second argument in favour of moderate inflation, particularly as expressed in a recent paper by George Akerlof, William Dickens and George Perry, that has stirred up the current controversy. Some years ago, James Tobin suggested that moderate inflation might ‘oil the wheels’ of an economy by facilitating ...

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