NEW TO ISHK
ANIMAL SPIRITS
How Human Psychology Drives the Economy and Why It Matters for Global Capitalism
George A. Akerlof and Robert J. Shiller
Princeton University Press, 2009
LEARNING OBJECTIVES - This course was designed to allow the reader to:
• Identify how confidence and the feedback mechanisms between it and the economy amplify disturbances
• Demonstrate how the setting of wages and prices depends largely on concerns about fairness
• Understand that there is temptation toward corrupt and antisocial behavior and their role in the economy
• Explore why the public is confused by inflation or deflation and does not reason through its effects
• Examine how our sense of reality, of who we are and what we are doing are intertwined with the story of our lives and of the lives of others
• Conclude that the aggregate of such stories is a national or international story, which itself plays an important role in the economy
• Understand how five animal (animating, motivating) spirits affect economic decisions
George A. Akerlof is the Daniel E. Koshland Sr. Distinguished Professor of Economics at the University of California, Berkeley. He was awarded the 2001 Nobel Prize in economics.
Robert J. Shiller is the best-selling author of Irrational Exuberance and The Subprime Solution. He is the Arthur M. Okun Professor of Economics at Yale University.
7 CE credits; 230 page (180 text)
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