Theoretical and Applied Economics
No. 2 / 2011 (555)
Economic Crises and the Complexity of Animal Spirits Modeling
Bucharest Academy of Economic Studies
Abstract. The rationale of this research goes into the origins of the economic crises from a different way of economic thinking, hence the professional interest on bringing again into the light the concept of animal spirits, used for the first time from classic liberals like David Hume, developed by doctrine founder John Maynard Keynes, and captured as groundbreaking economic crisis hypothesis in Nobel Prize laureates’ books like George Akerlof. A familiar account of the last financial crisis underlines the collapse of confidence and evaporation of trust which leaded to failure of corporate governance and easy money policy. Nor were these problems of recent origin; they were rooted in deep structural changes in the economy that date back many years. Financial innovations overheated the world economy and gained steam because of irrational exuberance over a risk free better future. Considering the evidence analyzed in this paper work, this approach of economic crisis through animal spirits puts forward new highlights of economic thought.
Contents
Economics of Sustainable Development. Competitiveness and Economic Growth
The Particularities of the Economic Crisis in the Knowledge-Based Society
Adverse Selection Models with Three States of Nature
Sustaining an Effective ABC-ABM System
Consequences of the Budget Deficit in the Current Crisis in Romania. Implications on the Labor Market
Portfolio Risk Analysis using ARCH and GARCH Models in the Context of the Global Financial Crisis
Costs of Adopting a Common European Currency. Analysis in Terms of the Optimum Currency Areas Theory
The Effects of Economic Geography on Education in Romania
Statistical – Econometric Analysis of the Correlations between the Social Security Budget and the Main Macroeconomic Aggregates in Romania
Effects of the Current Economic Crisis on the Fiscal Variables in EU Countries
The Image of the Tourism Destination – a Supporting Element in the Development of the Regional Tourism Brand Study Case: Muntenia
Economic Crises and the Complexity of Animal Spirits Modeling
An Epistemological Perspective on the Quality of Life Concept
The Natural Rate of Unemployment and its Implications for Economic Policy
Estimation of Inflationary Expectations and the Effectiveness of Inflation Targeting Strategy
The Impact of Investments and Gross Value Added upon Earnings