Animal Spirits–动物精神–行为金融学

Akerlof and Shiller are the first to try to reworkeconomic theory for our times. The effort itself makes their book amilestone. . . . And their book takes their case not just toeconomists, but also to the general reader. It is short (176 pages oftext) and easy enough for laymen to understand.
(Louis Uchitelle New York Times Book Review )

Akerlofand Shiller succeed, too, in demonstrating that conventionalmacroeconomic analyses often fail because they omit not just readilyobservable facts like unemployment and institutions such as creditmarkets but also harder-to-document behavioral patterns that fallwithin the authors’ notion of ‘animal spirits.’ Confidence plainlymatters, and so does the absence of it. When the public mood swingsfrom exuberance to anxiety, or even fear, the effect on asset prices aswell as on economic activity outside the financial sector can be large.
(Benjamin M. Friedman New York Review of Books )

Animal Spirits [is] . . . the new must-read in Obamaworld.
(Michael Grunwald Time )

[Animal Spirits] really applies to all the big areas where we need change.
(er Orszag, Obama budget director (quoted from “Time )

Intheir new book, two of the most creative and respected economicthinkers currently at work, George Akerlof and Robert Shiller, arguethat the key is to recover Keynes’s insight about ‘animal spirits’–theattitudes and ideas that guide economic action. The orthodoxy needs tobe rebuilt, and bringing these psychological factors into the core ofeconomics is the way to do it. . . . The connections between theirthinking on the limits to conventional economics and the issues thrownup by the breakdown are plain, even if they were unable to make everylink explicit. Even more than Akerlof and Shiller could have hoped,therefore, it is a fine book at exactly the right time. . . . Animal Spirits carries its ambition lightly–but is ambitious nonetheless. Economists will see it as a kind of manifesto.
(Clive Crook Financial Times )

Aninfluential Democrat who was also one of the world’s top-ten,highest-paid hedge fund managers last year thinks he knows which bookis at the top of the White House reading list this spring: Animal Spirits, the powerful new blast of behavioural economics from Nobel prize-winner George Akerlof and Yale economist Robert Shiller.
(Financial Times )

Animal Spiritsis a welcome addition to our Hannitized national economic debate, inwhich anyone who advocates government spending risks being labeled asocialist. . . . Animal Spirits is most compelling when theauthors summon all the key behavioral patterns to explain vast, complexphenomena such as the Great Depression. . . . Animal Spirits .. . [is] aimed squarely at the general reader, and rightly so:Macroeconomics is now everybody’s business–the banks are playing withour money.
(Andrew Rosenblum New York Observer )

[A] lively new financial crisis book.
(James Pressley Bloomberg News )

Thetwo superstars have produced a truly innovative and bold work thatattempts to show how psychological factors explain the origins of thecurrent mess and offer clues for possible solutions. At a time whenplummeting confidence is dragging down the market and the economy, theauthors’ focus on the psychological aspect of economics is incrediblyimportant.
(Michael Mandel BusinessWeek )

WhatSigmund Freud did for the study of the mind, George Akerlof and RobertShiller are doing for economics. Freud, healer or fake–take yourpick–built a career and a field of medicine on the idea that peopleare driven by irrational forces. Akerlof, professor of economics at theUniversity of California, Berkeley and winner of the 2001 Nobel Prizein economics, and Shiller, the Yale economist who is the eminence griseof the housing meltdown, argue that massive government marketintervention programs are the only way to turn fear into enthusiasm forspending and investing–the ‘animal spirits’ that are an essential partof recovery. . . . Akerlof and Shiller pick up on the idea of theemotional impetus to investment. With elegant reasoning and lovelyprose, they demonstrate that we’ll all be wallowing in misery unlessgovernments around world, especially the in the G7 nations, help toreturn markets to optimism. . . . Animal Spirits is a fine discussion of the last few decades of development of economic theory, especially monetary economics.
(Andrew Allentuck The Globe & Mail )

[T]hisbook is rather more than the usual lament about the failings ofeconomics. Its authors are two of the discipline’s leading lights. . .. Most of the time, the unrealistic assumption of rationality serveseconomists fairly well. They should, however, be more prepared todepart from it, especially in times like these–even if that makesbehaviour more difficult to describe in elegant equations. MessrsAkerlof and Shiller have therefore done their profession a service.
(The Economist )

With Animal Spiritswe hone in on how incentives and narratives can be created to channelthe human psychological factor into collectively healthy directions,and how to be aware of the fictions we tell ourselves about how we wishthe world and greed and financial security worked. [Animal Spirits]sheds light on complex issues and leaves readers with a better grasp ofundercurrents and–most importantly–a rediscovered belief inprinciples of common sense and caution.
(Daily Kos )

The new book from George Akerlof and Robert Shiller, Animal Spirits,has been getting a lot of press of late, and quite rightly: it’s reallygood. It’s not only very readable; it also offers a compelling visionof a very different type of macroeconomics–one where behavioralconsiderations are front and center, rather than simply providing whatClive Crook calls ‘ad hoc modifications’ to the standard, ridiculouslyoversimplified and unrealistic, model. . . . [I]f you read only onebook on this subject, make it Animal Spirits.
(Felix Salmon )

As George Akerlof and Robert Shiller show in a new book Animal Spirits,this is no freak storm. It may mark the long-awaited encounter betweenpsychology and economics. . . . Akerlof and Shiller’s book is probablythe first macroeconomic exploration of the subject that is accessibleto those interested in the subject but who don’t have the academictraining to understand the detailed argument.
(Mint )

My book of the week is an easy one this time around: it’s Animal Spirits,by Robert Shiller and George Akerlof. . . . Admittedly, I’m biased as afan of both Shiller’s and Akerlof’s. Believe me, however, when I saythe blessedly brief Animal Spirits is a thoughtful andwell-written look at how economics discarded psychology and lost itsway on the trip from Adam Smith, through Keynesianism, tolaissez-faire. The book puts the current crisis in a useful economiccontext, with consistent and practical selections from behavioralfinance illuminating everything along the way. . . . Highly recommended.
(Paul Kedrosky SeekingAlpha )

Anothercontribution to the human-nature-ensures-economics-is-irrational schoolof thought. But, unlike many of the rants against people trying to makean honest profit, this is a measured examination of how the presentcrisis is explained in economic terms. And so it should be. GeorgeAkerlof is a Nobel prizewinner, Robert Shiller teaches at Yale and isthe author of Irrational Exuberance, which should give you anidea of this one’s approach. This fascinating work uses economics toexplain real-life issues, such as real estate price cycles, to keypolicy problems, such as the relationship between inflation andemployment.
(Stephen Matchett The Australian )

George Akerlof and Rober Shiller’s Animal Spiritsis a plea to start believing our lying eyes rather than the model.Rather than try to explain away the apparent irrationality in humanbehaviour, Akerlof and Shiller say we need to try to understand it andshape policies that take it into account. . . . The core message of Animal Spiritsis that we should stop trying to cage the spirits and instead admittheir central importance. Specifically, this means that worldgovernments will need to intervene forcefully in the current economiccrisis with both fiscal stimulus and direct measures to stimulatelending–to restore some of the confidence that the crash has sapped.
(Matthew Yglesias The National )

Insaluting Keynes’ quip, Akerlof and Shiller argue that much of the storyis in the unreliability and incompleteness of supposedly rationalbehavior–the micro-foundation of the free-market model. They contendthat modern economics, even self-described Keynesian economics, hasgiven short shrift to this core behavioral insight. . . . Their bestchapter is on the limited capacity of central banks to prevent or curecalamities.
(Robert Kuttner The American Prospect )

Animal Spirits is succinct, clear and lively.
(Brad Willis Edmonton Journal )


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