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Animal spirits and organization

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  • Sheila C. Dow

Abstract

The purpose of this paper is to explore the scope for analyzing animal spirits as a social and cultural phenomenon that is heavily influenced by the organizational structure of firms and industries as well as by national structures. Animal spirits are considered in terms of unsubstantiated optimism, low uncertainty perception, and low uncertainty aversion. We distinguish between animal spirits with respect to expanding capacity, on the one hand, and animal spirits with respect to innovation, on the other. The first case is analyzed primarily in terms of fluctuations in spontaneous optimism and uncertainty perception, while the emphasis for the second is more on the enduring dispositions of organizations and individuals. Animal spirits in both contexts are shown to be influenced by structural factors that are open to policy management.

Suggested Citation

  • Sheila C. Dow, 2014. "Animal spirits and organization," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 37(2), pages 211-231, December.
    • Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:211-231
    DOI: 10.2753/PKE0160-3477370202
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    Cited by:

    1. Michaël Lainé, 2016. "Uncertainty, Probability and Animal Spirit: The Ontology, Epistemology and Microeconomics of Investment of Keynes’s Theory [Incertitude, probabilités et esprits animaux]," Post-Print hal-04265018, HAL.
    2. Michaël Lainé, 2016. "Uncertainty, Probability and Animal Spirit [Incertitude, probabilités et esprits animaux]," Post-Print hal-02942874, HAL.
    3. Sheila Dow, 2020. "Alfred Marshall, Evolutionary Economics and Climate Change: Raffaelli Lecture," Department Discussion Papers 2001, Department of Economics, University of Victoria.

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