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To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith's invisible hand is the keynote of classical economics, Keynes' animal spirits are the keynote to a different view of the economy — a view that explains the underlying instabilities of capitalism.

George Akerlof

Economic theorists, like French chefs in regard to food, have developed stylized models whose ingredients are limited by some unwritten rules. Just as traditional French cooking does not use seaweed or raw fish, so neoclassical models do not make assumptions derived from psychology, anthropology, or sociology. I disagree with any rules that limit the nature of the ingredients in economic models.

George Akerlof

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Born: June 17, 1940 (age 84)

Bio: George Arthur Akerlof is an American economist and University Professor at the McCourt School of Public Policy at Georgetown University. He won the 2001 Nobel Memorial Prize in Economic Sciences.

Known for:

An economic theorist's book of tales (1984)

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