Animal Spirits - How Human Psychology Drives the Economy and Why It Matters for Global Capitalism - by Robert A Akerlof and Robert J Shiller[Reading report] by Yoann Kassi-Vivier


The author was part of the “Alternative Management” third year program in HEC in 2012. Yoann Kassi-Vivier also deeply devotes himself to the third sector and social entrepreneurs. As a student, he created the Fight Club HEC, that gives the opportunity to 70 students every year to train in combat sports. Since January 2011, he is at the head of the association Pro Bono Lab, that he created. The association is specialized in sharing the competences of volunteers and companies, so as to sustain and support the development of associations of general interest and social utility.

Economic agents are not omniscient homo economicus: on the contrary, most of their decisions are driven by “animal spirits”, especially confidence, fairness, monetary illusion and stories. Those are the ways of thinking that drive ideas and feelings of human beings. Although they are neglected by economists, Akerlof and Shiller claim that animal spirits play a major role in economic fluctuations. The authors revisit famous episodes of economic history and analyze the answers that could be brought to the current crisis.

Quote article  Yoann Kassi-Vivier, « Animal Spirits - How Human Psychology Drives the Economy and Why It Matters for Global Capitalism - by Robert A Akerlof and Robert J Shiller », 17 may 2012, Alternative Management Observatory (AMO), [Reading report]

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