About this title: 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. In this book, acclaimed economists George Akerlof and Robert ...
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Binding: Hardcover
Publisher: Princeton University Press
Date Published: 2009
ISBN-13:9780691142333ISBN:0691142335
Description: Very Good+ with no dust jacket. 9780691142333. Hardcover. Book is very clean and shows light shelfwear. No dustjacket. Pages are clean. A very good near fine copy. Economics. Pasadena's finest independent new and used bookstore.; 0.9 x 9.3 x 6 Inches; 264 pages. read more
Binding: Hardcover
Publisher: Princeton University Press
Date Published: 2009
ISBN-13:9780691142333ISBN:0691142335
Description: New in new dust jacket. Sewn binding. Cloth over boards. With dust jacket. 230 p. Contains: Illustrations. Audience: General/trade. brand new read more
Binding: Hardcover
Publisher: Princeton University Press
ISBN-13:9780691142333ISBN:0691142335
Description: New. 0691142335 Princeton University Press hardcover w/dustjacket, 2009, No marks or 'shelf wear'...New/New...Bubble-wrapped and mailed in a Box w/delivery confirmation. read more
Binding: Hardcover
Publisher: Princeton University Press
Date Published: 2009
ISBN-13:9780691142333ISBN:0691142335
Description: New. Items ship once payments have cleared. Media mail 5-8 days Priority 2-3 days and international orders may be subject to customs clearance procedures which can cause delays. Seasonal delays can occur in postal system. All items ship within 24 hours of receiving payment. read more
Binding: Hardback
Publisher: Princeton Univ Pr
Date Published: 2009
ISBN-13:9780691142333ISBN:0691142335
Description: Acclaimed economists Akerlof and Shiller challenge the economic wisdom that got America into its current financial mess and put forward a bold new vision to transform and restore prosperity. read more
Binding: Hardcover
Publisher: Princeton Univ Pr
Date Published: 2009-02-18
ISBN-13:9780691142333ISBN:0691142335
Description: NEW. Hardcover. From an inventory that is 100% brand-new, 100% direct from the publishers' distribution channel. We carry NO pre-owned, NO remaindered. We pack in CARDBOARD to ensure the pristine quality is maintained. (Bubble-wrap alone is NOT sufficient to protect from USPS equipment. ) Guaranteed brand-NEW, protected with CARDBOARD, your satisfaction is guaranteed. BKLUVID: 9780691142333. read more
"This book is a qualitative/non-technical discussion about what is currently being debated in Macroeconomic theory. There have been several posts on different boards about this book taking a "liberal" position. If you're interested in Economics as a science, ignore them. If you're looking for a book that will bring redemption to Reagan-era supply side economics, this is not the book for you.
Akerlof and Shiller are notorious advocates of Keynesian thought. Not because of some underhanded desire to allow government to intrude in our lives, but because he believed in taking into account the qualitative and intangible aspects of human behavior. Admittedly, they do refer to some of Friedman's conclusions as naive however, the same is also said about Keynes.
Current Economic thought is a science of optimization. Akerlof and Shiller are not suggesting an abandonment of mathematics in Economics, but advocate the inclusion of psychological probabilities. What they suggest is that humans do not have access to perfect information, nor do they act in an entirely rational matter.
Anyone who has taken a single class in sociology or psychology will instantly realize the "no duh" factor from this concept. But in Economics, the technology to quantify these probabilities on a Macroeconomic scale is relatively new. Akerlof and Shiller have stumbled upon a premise that has haunted mainstream economists for forty years and has been a driving force in Austrian Economics for even longer: Humans are not entirely rational creatures with solely economic motivations...a devastating shock to macroeconomists everywhere.
In the end, their conclusions are modern and well-thought out. Behavioral and Experimental economics appears to be the next evolution in Economic theory. You may not like their conclusions as it relates to policy, yet the premise of expanding theory to include those factors once deemed as "intangible" or "irrational" cannot be understated."
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