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Liked It “It's a great book explaining common sense of economic reality. "The very reason no one was able to predict today's financial meltdown was coming was because animal spirits were not formulated in any indices," "Overconfidence followed by underconfidence creates bubbles and busts."” see full review » see other reviews » |
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“It's a great book explaining common sense of economic reality. "The very reason no one was able to predict today's financial meltdown was coming was because animal spirits were not formulated in any indices," "Overconfidence followed by underconfidence creates bubbles and busts."”
michael y wrote this review 3 weeks ago. ( reply | permalink ) Was this review helpful? Yes | No
“psychology,global economics”
Brainstorm wrote this review Tuesday, December 8 2009. ( reply | permalink ) Was this review helpful? Yes | No
“Just starting this Keynesian defence as an audiobook. I am hopeful that the material will be well presented, but I am already put off by the narrator who pronounces Keynes as Keenes (long E) rather than the correct Kanes (long A). It is distracting. One would have though he would have researched the correct pronunciation for the major character focus of this work. I'll get over it, I'm sure; but until then, it just grates on my nerves.
Bry wrote this review Friday, December 4 2009. ( reply | permalink ) Was this review helpful? Yes | No
Not a bad book, all in all. Some nice perspective and historical lessons. If they are the preachers, I am the choir. In the end, they argue that classic economics does not fully account for all of the factors in their models, but the problem is—and as they point out—, modelling social psychology into economic models is not a goal I think anyone will reach in the near term, if ever. ”
“Nobel laureate George A. Akerlof and prescient Yale economics professor Robert J. Shiller explain the role of human psychology in markets. They say conventional economic theory assigns too much weight to the role of reason in economic decision making, and too little to the role of irrational emotional and psychological factors. That insight would have been novel a few years back, but numerous other authors have made the same point, though few with such sterling credentials. Having asserted their beliefs and offered evidence about the power of emotions, or “animal spirits,” the authors prescribe curative policies though they don’t always illuminate their proposals’ full real-world impact. Akerlof and Shiller’s distinguished reputations command attention, and getAbstract confirms that their book is worthwhile reading. Yet, those who know the authors’ bodies of work may wish for even more insight. ”
getAbstract wrote this review Monday, April 20 2009. ( reply | permalink ) Was this review helpful? Yes | No
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