To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith's invisible hand is the keynote of classical economics, Keynes' animal spirits are the keynote to a different view of the economy - a view that explains the underlying instabilities of capitalism.
George AkerlofRelated topics
adam animal classical different drive economics economy hand invisible keynote underlying view spirits keynes capitalismRelated quotes
The new way of thinking, spawned by the cognitive revolution, shows strong promise ... Reversing previous doctrine in science, the new paradigm affirms that the world we live in is driven not solely by mindless physical forces but, more crucially, by subjective human values. Human values become the underlying key to world change.
Roger Wolcott Sperry
