Psychology's role in recovery explained

Book Review: 'Animal Spirits: How Human Psychology Drives the Economy ...'

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They say you can’t judge a book by its cover, but the Sendak-esque gremlins standing gleefully atop the peaks — and dangling with fright from the valleys — of an economic-cycle chart along the cover of "Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism" do begin to make the case plead within.

The premise of authors George Akerlof and Robert Shiller is that Keynesian macroeconomic theory was only partially adopted via New Deal fiscal policies.