Animal spirits

"Animal Spirits" - J.M. Keynes
Animal spirits is a term coined by the economist John Maynard Keynes. The term was chosen to emphasise the importance of confidence and the 'gut instincts' of businessmen on their future business prospects.

Animal Spirits?
The 2001 U.S. recession could fit the Simple Keynesian Model. The dot-com meltdown and the 9/11 shock had psychological as well as economic impacts. Could 2001 be the recession that is due to a failure of animal spirits?

Animal spirits
The colourful name that keynes gave to one of the essential ingredients of economic prosperity: confidence. According to Keynes, animal spirits are a particular sort of confidence, "naive optimism".

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
Finance Library ...

However, he did not have an explicit model of how expectations are formed suggesting that agents often rely on the so called “animal spirits'.
Starting from the ’40, the first theories of expectations in economics were.
i) The theory of ...

University Press of the Pacific, 2001, ISBN 0-89875-459-3.
Pasquinelli, Matteo. "The Ideology of Free Culture and the Grammar of Sabotage"; now in Animal Spirits: A Bestiary of the Commons, Rotterdam: NAi Publishers, 2008.

See also: Capitalism, Smith, Financial risk, Internal audit, Capital structure