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What are animal spirits in economics XXXXXXXXXXwords)?

Komalavalli · Accepted Answer

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Animal Spirits in Economics
Animal spirits, in economics, refer to the emotional and psychological factors that influence economic decisions and behavior, often deviating from strict rationality. Coined by the British economist John Maynard Keynes, the term encapsulates the non-quantifiable elements that impact consumer and investor confidence, leading to shifts in spending, saving, and investment patterns.
These "spirits" encompass a range of human sentiments, such as optimism, pessimism, fear, and exuberance, which can significantly affect economic outcomes. For instance, during periods of high optimism, consumers tend to spend more freely, and businesses are more likely to invest,

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