%0 Journal Article
%T Animal spirits: Keynes' theory of rational investment decision-making under conditions of fundamental uncertainty
%A Radonji£¿ Ognjen
%J Theoria, Beograd
%D 2009
%I Serbian Philosophical Society, Belgrade
%R 10.2298/theo0901017r
%X Keynes's term, animal spirits, has been mistakenly confused with irrational decision-making. However, if we accept Keynes' assumption that future is fundamentally uncertain and nonergodic, animal spirits become key factor that makes continual process of investment decision-making possible. On the other hand, if animal spirits blunt, investment activity dwindles and makes emergence of deep economic crisis likely.
%K risk
%K uncertainty
%K investments
%K conventional decision-making
%K animal spirits
%U http://www.doiserbia.nb.rs/img/doi/0351-2274/2009/0351-22740901017R.pdf