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deathray6 months ago

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Also, FTA:

"Most of Animal Spirits consists of surveys of disparate research programs in which either Akerlof or Shiller or both have participated—in many cases, led the way—demonstrating that the conventional economic models fail to fit the facts of one or another aspect of observable economic behavior. The topics they cover include (among others) joblessness, saving, the volatile prices of financial assets and of real estate, and the prevalence of poverty among African-Americans. Akerlof, a professor at Berkeley who deservedly won the Nobel Prize in 2001, and Shiller, a Yale professor who in time should do likewise, are both outstanding economists, and the work they review in each of these areas of research is of high quality. In this respect, their book is similar to recent offerings by other scholars that have also presented for a broader audience many of the findings of what has come to be known as "behavioral economics."[3] "

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