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Title: Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism

Abstract

In his lecture, Shiller will discuss the premise of his 2009 book, coauthored with the Nobel Prize-winning economist George A. Akerlof. Winner of the getAbstract International Book Award and the 2009 TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, the book, which has the same title as Shiller's lecture, discusses how "animal spirits," or human emotions such as confidence, fear, and a concern for fairness, drive financial events, including today's global financial crisis. John Maynard Keynes coined the phrase "animal spirits" to describe the changing psychology that led to the Great Depression and the recovery from it. Like Keynes, Shiller and Akerlof believe that government intervention is necessary to overcome the adverse effects on the economy brought about by unruly and irrational human emotions. In his talk, Shiller will explain how "animal spirits" lead to adverse economic effects, and he will outline his insights on how the global economy can recover from its recent setbacks.

Authors:
 [1]
  1. (Yale)
Publication Date:
Research Org.:
BNL (Brookhaven National Laboratory (BNL), Upton, NY (United States))
Sponsoring Org.:
USDOE Office of Science (SC); Brookhaven Science Associates (BSA)
OSTI Identifier:
1007961
Report Number(s):
BNL-83266-2010-CP
TRN: US201117%%527
DOE Contract Number:
AC02-98CH10886
Resource Type:
Multimedia
Resource Relation:
Conference: Brookhaven Science Associates' Distinguished Lecture Series, Brookhaven National Laboratory, Upton, New York (United States), presented on March 02, 2010
Country of Publication:
United States
Language:
English
Subject:
99 GENERAL AND MISCELLANEOUS//MATHEMATICS, COMPUTING, AND INFORMATION SCIENCE; BNL; ECONOMICS; FINANCIAL SECURITY; GLOBAL ASPECTS; BEHAVIOR; HUMAN FACTORS

Citation Formats

Shiller, Robert J. Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism. United States: N. p., 2010. Web.
Shiller, Robert J. Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism. United States.
Shiller, Robert J. 2010. "Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism". United States. doi:. https://www.osti.gov/servlets/purl/1007961.
@article{osti_1007961,
title = {Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism},
author = {Shiller, Robert J.},
abstractNote = {In his lecture, Shiller will discuss the premise of his 2009 book, coauthored with the Nobel Prize-winning economist George A. Akerlof. Winner of the getAbstract International Book Award and the 2009 TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, the book, which has the same title as Shiller's lecture, discusses how "animal spirits," or human emotions such as confidence, fear, and a concern for fairness, drive financial events, including today's global financial crisis. John Maynard Keynes coined the phrase "animal spirits" to describe the changing psychology that led to the Great Depression and the recovery from it. Like Keynes, Shiller and Akerlof believe that government intervention is necessary to overcome the adverse effects on the economy brought about by unruly and irrational human emotions. In his talk, Shiller will explain how "animal spirits" lead to adverse economic effects, and he will outline his insights on how the global economy can recover from its recent setbacks.},
doi = {},
journal = {},
number = ,
volume = ,
place = {United States},
year = 2010,
month = 3
}
  • In his lecture, Shiller discusses the premise of his 2009 book, coauthored with the Nobel Prize-winning economist George A. Akerlof. The book discusses how “animal spirits,” or human emotions such as confidence, fear, and a concern for fairness, drive financial events, including today’s global financial crisis.
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  • Human activities have significantly altered not only the chemical composition of Earth's atmosphere, but also the climate system. Human influences have led to increases in well-mixed greenhouse gases, decreases in stratospheric ozone, and changes in the atmospheric burdens of sulfate and soot aerosols. All of these atmospheric constituents interact with incoming solar and outgoing terrestrial radiation. Human-induced changes in the concentrations of these constituents modify the natural radiative balance of Earth's atmosphere, and therefore perturb climate. Quantifying the size of the human effect on climate is a difficult statistical problem. 'Fingerprint' methods are typically used for this purpose. These methodsmore » involve rigorous statistical comparisons of modeled and observed climate change patterns. Fingerprinting assumes that each individual influence on climate has a unique signature in climate records. The climate fingerprints in response to different forcing factors are typically estimated with computer models, which can be used to perform the controlled experiments that we cannot conduct in the real world. One criticism of the findings of previous scientific assessments is that they have relied heavily on fingerprint studies involving changes in near-surface temperature. Recent fingerprint work, however, has considered a variety of other climate variables, such as ocean heat content, stratospheric temperatures, Northern Hemisphere sea ice extent, sea level pressure, atmospheric water vapor, and the height of the tropopause. These studies illustrate that a human-induced climate change signal is identifiable in many different variables and geographic regions, and that the climate system is telling us an internally- and physically-consistent story.« less
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