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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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... 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 Akerlof and ...


Jamie Martin: Nudge Theory, 27 July 2017

The Undoing Project: A Friendship that Changed the World 
by Michael Lewis.
Allen Lane, 362 pp., £25, December 2016, 978 0 241 25473 8
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... the world?Behavioural economics proliferated in the 1980s and 1990s. Its early adoptees included Robert Shiller, who won the Nobel Prize in 2013 for his research on asset price volatility and the psychology of bubbles. Economics and psychology are now closer than ever, with new fields like neuro-economics using fMRIs to map the way the brain processes ...

Short Cuts

John Lanchester: Phished, 3 December 2015

... 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 aren’t using the ...

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