Human Psychology Influences the Recession
The cover of Animal Spirits, George Akerlof and Robert Shiller’s book arguing that human psychology plays a crucial part in the economy, conveys much of its message. Furry, droopy-lidded beasts cling to a no-nonsense black line meant to convey the stock market’s highs and lows. The animals fortunate enough to be perched on its peaks are grinning and flashing thumbs-up signs; the ones on the bottom are grim and frightened. “This is the spirit of the book,” said Akerlof, a Nobel Prize laureate in economics and professor at UC Berkeley, …
