Day: October 18, 2016

John Maynard Keynes introduced the concept of “animal spirits” as it relates to economic activity in his 1936 book The General Theory of Employment, Interest and Money. The term “animal spirits” is a way to describe what drives human behavior to consume, take risk and engage the instinctual proclivities that are natural to economic living. This important piece of Keynes’s work came seven years after the Great Depression and we think the concept is critical to understanding the economy and markets of today, eight years after the biggest recession since the period he was addressing.