IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04264919.html
   My bibliography  Save this paper

Do animal spirits rely on somatic markers? Keynes in light of neuroscience

Author

Listed:
  • Michael Lainé

    (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)

Abstract

Thanks to neuroscience, the brain is no longer a black box. It is possible to investigate its basic functioning and see whether its teachings may buttress Keynes's concept of animal spirits. Seven features constitute them: duality of reasoning; automatic analogical assessment; automatic decision; anchorage in emotions; intermediation between body and soul; beyond the rational/irrational dichotomy; and conventional basis. This article aims to compare these features comprising animal spirits with Damasio's "somatic marker hypothesis." It appears that both theories are very much in tune, in that they emphasize analogical induction, the intelligence of emotions, and the automaticity of cognition and action. It may prove useful, as a way to stimulate further research, to enrich and deepen animal spirits thanks to somatic markers.

Suggested Citation

  • Michael Lainé, 2014. "Do animal spirits rely on somatic markers? Keynes in light of neuroscience," Post-Print hal-04264919, HAL.
    • Handle: RePEc:hal:journl:hal-04264919
    DOI: 10.2753/PKE0160-3477360303
    Note: View the original document on HAL open archive server: https://hal.science/hal-04264919
    as

    Download full text from publisher

    File URL: https://hal.science/hal-04264919/document
    Download Restriction: no
    File URL: https://libkey.io/10.2753/PKE0160-3477360303?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Bechara, Antoine & Damasio, Antonio R., 2005. "The somatic marker hypothesis: A neural theory of economic decision," Games and Economic Behavior, Elsevier, vol. 52(2), pages 336-372, August.
    2. Runde, Jochen, 1990. "Keynesian Uncertainty and the Weight of Arguments," Economics and Philosophy, Cambridge University Press, vol. 6(2), pages 275-292, October.
    3. Anna M. Carabelli, 1988. "On Keynes’s Method," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-19414-8, December.
    4. Tony Lawson, 1988. "Probability and Uncertainty in Economic Analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 11(1), pages 38-65, September.
    5. Gillies Dostaler, 2007. "Keynes and his Battles," Books, Edward Elgar Publishing, number 1404.
    6. Colin F. Camerer, 2007. "Neuroeconomics: Using Neuroscience to Make Economic Predictions," Economic Journal, Royal Economic Society, vol. 117(519), pages 26-42, March.
    7. Bateman, Bradley W, 1991. "Das Maynard Keynes Problem: Review Article," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 15(1), pages 101-111, March.
    8. David Dequech, 1999. "Expectations and Confidence under Uncertainty," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 21(3), pages 415-430, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Michaël Lainé, 2016. "Uncertainty, Probability and Animal Spirit [Incertitude, probabilités et esprits animaux]," Post-Print hal-02942874, HAL.
    2. 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.
    3. Bélyácz, Iván, 2024. "A valószínűség mint döntési argumentum Keynes közgazdaságtanában [Probability as an argument of decision in Keynes economics]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 86-107.
    4. Franck Bessis & Guillemette de Larquier & John Latsis, 2009. "Are conventions solutions? Contrasting visions of the relationship between convention and uncertainty," Working Papers hal-04140883, HAL.
    5. Dow Alexander & Dow Sheila C., 2011. "Animal Spirits Revisited," Capitalism and Society, De Gruyter, vol. 6(2), pages 1-25, December.
    6. Dequech, David, 2000. "Confidence and action: a comment on Barbalet," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 29(6), pages 503-515, November.
    7. Paul Downward, "undated". "Risk, Uncertainty and Inference in Post Keynesian Economics:A Realist Commentary," Working Papers 98-8, Staffordshire University, Business School.
    8. Fontana, Giuseppe & Gerrard, Bill, 2004. "A Post Keynesian theory of decision making under uncertainty," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 619-637, October.
    9. Marco Crocco, 2002. "The concept of degrees of uncertainty in Keynes, Shackle, and Davidson," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 12(2), pages 11-28, July-Dece.
    10. Daniel Serra, 2019. "Neuroeconomics and modern neuroscience," CEE-M Working Papers halshs-02160907, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.
    11. Beugré, Constant D., 2009. "Exploring the neural basis of fairness: A model of neuro-organizational justice," Organizational Behavior and Human Decision Processes, Elsevier, vol. 110(2), pages 129-139, November.
    12. Michel S. Zouboulakis, 2022. "Elements of Risk in Classical Political Economy and Marx," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 147-159, December.
    13. J. Barkley Rosser, 2001. "Alternative Keynesian and Post Keynesian Perspective on Uncertainty and Expectations," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(4), pages 545-566, July.
    14. Alberto Feduzi, 2010. "On Keynes's conception of the Weight of Evidence," Post-Print hal-00870185, HAL.
    15. Feduzi, Alberto, 2010. "On Keynes's conception of the weight of evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 338-351, November.
    16. Ricardo Crespo & Daniel Heymann & Pablo Schiaffino, 2015. "Dealing with uncertainty evolving beliefs, rationalizations & the origins of economic crises," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2015-8, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    17. Daniel Serra, 2021. "Decision-making: from neuroscience to neuroeconomics—an overview," Theory and Decision, Springer, vol. 91(1), pages 1-80, July.
    18. Michelle Baddeley, 2017. "Keynes’ psychology and behavioural macroeconomics: Theory and policy," The Economic and Labour Relations Review, , vol. 28(2), pages 177-196, June.
    19. Constant D. Beugré, 2010. "Brain and Human Behavior in Organizations: A Field of Neuro-Organizational Behavior," Chapters, in: Angela A. Stanton & Mellani Day & Isabell M. Welpe (ed.), Neuroeconomics and the Firm, chapter 15, Edward Elgar Publishing.
    20. Angela A. Stanton & Mellani Day & Isabell M. Welpe (ed.), 2010. "Neuroeconomics and the Firm," Books, Edward Elgar Publishing, number 13502.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04264919. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.