Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism
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Speaker: Professor Robert J. Shiller Chair: Professor David Webb This event was recorded on 20 May 2009 in Old Theatre, Old Building The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. Robert Shiller will put forward a bold new vision that will transform economics and restore prosperity.
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I really don't understand what most of comments are talking about. Mathematical economics are based on the wrong assumption of having "homo economicus" as players. People are psychological, not rational.
The current economic theory is like trying to make an strategy fora footbal match assuming that all players run at the speed of light. It borders with the irrelevant.
Shiller is trying to make economics useful, not just trying to make it "pretty". He's a pioneer, we need more men like him. -
Its almost surreal how stupid this is.
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Well, it is funny to see that an economics pretending to think like a psychologist. As the first thing comes to his mind of high rate of saving in China is due to the story of regaining the greatness of this country, and soon the host pointed out that radio of income that sort of thing. I have to admit that the idea of animal spirit is kind of amazing, but it is hard to quantitatise at this moment. Our science is shallow in the respect of understanding ourselves.
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Sir, please add slides in the video. To all my friend for honorable comments Through out the human history shows that fairy tales became the realities, BF is a new field and a lot question need answers in the field. We must give kind / due attention to every research, this might solve our problems that we are facing in the world. thanks and apology if some one feel it bad
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it is and we are
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Next time please do show the charts that the presenter/speaker is showing.
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The animal spirits theory seems more like a fairy tale than reality. The theory partially hinges on a denial of economic calculation on the micro level.
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Inflated P/E ratios can be representative of heavy inflows of money into stocks such as those during the booming period of the late 90s under which there was in fact an exuberance among most participants. So P/E ratios can in fact and do generally move with the amount of enthusiasm in the market.
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Animal spirits is not about printing money and neither is Keynesianism in general. It mostly deals with fiscal stimulus during economic slumps. And austrian economics is so backwards dude, get over that shit...
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"Animal Spirits" is typical Keynesian thinking. We have limited resources and printing lots of money is not gonna increase productivity, it's a big fat lie. Artificial low interest rates is only gonna make banks mal-invest thus creating bubbles in the economy. Keynesian economics has never worked and will never work.
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slides: www2.lse.ac.uk/fmg/events/publicLectures/2009/animalSpirits.aspx //google doesn't want me to post normal link
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we cannot see the charts.
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