How does Keyness concept of animal spirits differ from the concept outlined in Akerlof and Shillers writings?
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How does Keynes’s concept of animal spirits differ from the concept outlined in Akerlof and Shiller’s writings? Are animal spirits a useful concept for designing good behavioural macroeconomic theories? Explain your answer.
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Keyness concept of animal spirits and Akerlof and Shillers writings both delve into the realm of behavioral economics and seek to understand the nonrational elements that influence economic decisionma...View the full answer
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