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.
Robert J. ShillerRelated topics
adam animal classical different drive economics economy hand invisible keynote underlying view spirits keynes capitalismRelated quotes
We no longer even understand the question whether change is by itself good or bad, ...We start out with the axiom that it is the norm. We do not see change as altering the order... We see change as being order itself--indeed the only order we can comprehend today is a dynamic, a moving, a changing one.
Peter Drucker
Litmus test: If you can't describe Ricardo's Law of Comparative Advantage and explain why people find it counterintuitive, you don't know enough about economics to direct any criticism or praise at "capitalism" because you don't know what other people are referring to when they use that word.
Eliezer Yudkowsky
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
