Animal spirits (Keynes)

Animal spirits is a term used by John Maynard Keynes in his 1936 book The General Theory of Employment, Interest and Money to describe the instincts, proclivities and emotions that seemingly influence human behavior, which can be measured in terms of consumer confidence. The concept has also been discussed in behavioral economics and social psychology, where it is used to explain how collective emotions and instincts can drive decision-making beyond rational calculation.

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