Modelling animal spirits
When starting a new book, it is often tempting to skip the introduction and get straight to the main body of the argument. That would be a mistake in the case of George Akerlof and Robert Shiller's latest book, as the crucial innovation of the book is described in the opening pages. "[T]he economics of the textbooks seeks to minimise as much as possible departures from pure economic motivation and from rationality", the author argue, before stating: "Our book marks a break with this tradition
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