By Arnold Kling
This article appeared in the Summer 2009 issue of The Independent Review
George A. Akerlof and Robert J. Shiller assault both mainstream economics and the free market, minimal government ethos in their new book Animal Spirits: How Human Psychology Drives the Market Economy, and Why It Matters for Global Capitalism. Although they provide a sophisticated picture of how various human foibles can cause economic bubbles, crashes, and recessions, they maintain a naïve perspective on the way humans behave in the context of government.
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