Journal of Economic Perspectives: Vol. 5 No. 3 (Summer 1991)


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Retrospectives: Animal Spirits

Article Citation

Koppl, Roger. 1991. "Retrospectives: Animal Spirits." Journal of Economic Perspectives, 5(3): 203-210.

DOI: 10.1257/jep.5.3.203


John Maynard Keynes argued that when the conditions for rational action are not present, people are driven by "animal spirits." This article briefly considers Keynes' argument, and the history of the term.

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Koppl, Roger (Fairleigh Dickinson U)

JEL Classifications

B29: History of Thought since 1925: Other


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