Bautis Financial Book Club: Animal Spirits by George Akerlof and Robert Shiller

In this episode of The Agent of Wealth Podcast, the Bautis Financial team discusses the fourth book assignment in their monthly Book Club, Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George Akerlof and Robert Shiller. In Animal Spirits, Nobel prize winner George Akerlof and Yale economics professor Robert Shiller assert that traditional economic theory places too much weight on quantifiable facts and not enough weight on emotion – “People have noneconomic motives. And they are not always rational in pursuit of their economic interests.”In this episode, we discuss:The five different aspects of Animal Spirits: confidence, the desire for fairness, corruption, money illusion and the importance of stories.Whether or not we believe the concept of Animal Spirits should be incorporated into macroeconomic theory.What our team liked most about the book.What our team learned and took away from the book.And more!This is the fourth episode in the Bautis Financial Book Club series. Listen to the other episodes:Episode 88 – Bautis Financial Book Club: Elon Musk – Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee VanceEpisode 76 – Bautis Financial Book Club: The Infinite Game by Simon SinekEpisode 75 – Bautis Financial Book Club: Atomic Habits by James ClearResources:Episode Transcript & Blog | Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism | Bautis Financial: 7 N Mountain Ave Montclair, New Jersey 07042 (862) 205-5000