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Theoretical and Applied Economics
No. 2 / 2011 (555)

Economic Crises and the Complexity of Animal Spirits Modeling

Bucharest Academy of Economic Studies

Abstract. The rationale of this research goes into the origins of the economic crises from a different way of economic thinking, hence the professional interest on bringing again into the light the concept of animal spirits, used for the first time from classic liberals like David Hume, developed by doctrine founder John Maynard Keynes, and captured as groundbreaking economic crisis hypothesis in Nobel Prize laureates’ books like George Akerlof. A familiar account of the last financial crisis underlines the collapse of confidence and evaporation of trust which leaded to failure of corporate governance and easy money policy. Nor were these problems of recent origin; they were rooted in deep structural changes in the economy that date back many years. Financial innovations overheated the world economy and gained steam because of irrational exuberance over a risk free better future. Considering the evidence analyzed in this paper work, this approach of economic crisis through animal spirits puts forward new highlights of economic thought.

Keywords: animal spirits; economic crisis; financial innovations; risk bank; subprime credit.

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