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Robert Shiller on Animal Spirits

Geoff Riley

10th March 2009

Robert Schiller writes in the Financial Times about his new book Animal Spirits

It is the job of governments to use fiscal and monetary policy to maintain full-employment and to create the conditions necessary for a “wide laissez-faire" form of capitalism - so argues Robert Schiller in this important feature article in the Financial Times to accompany the recent launch of his new book Animal Spirits, co-authored with Nobel-Prize winning economist George Akerlof. The book is in high demand in our school library and rightly so because the two have produced a tremendously readable book mercifully free of technical jargon and without an econometric equation in sight!

When people lose trust in government and their appointed policy-makers the scale of the stimulus needed to restore demand and production in the economy is so much greater - the financial crisis represents a huge loss of trust and it will take a long time for that to recover.

Schiller writes here in the Wall Street Journal

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism is available from Amazon

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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