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Volume 16  Number 4  •  Spring 2012
Other Issues:  

Animal Spirits and Regime Uncertainty
By J. Robert Subrick
This article appeared in the Spring 2012 issue of The Independent Review

John Maynard Keynes’s ideas explain why expansionary fiscal policies do not always spur economic recovery. Surprising though it may seem, Keynes recognized that regime uncertainty discourages the “animal spirits” that drive private investment.

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