[ExI] Bitcoin

[Gordon]

Mirco,

>Anyway, the behaviors of the economic actors (protagonists and anonymous

>guys and girls) is rational. Their behavior can be explained with
>ignorance, stupidity, avidity, selfishness, but not with with "animal
>spirits" possessing them.


"Animal spirits" is merely an archaic term used by Maynard Keynes to describe ordinary human fear and greed. Keynesian thought dominated economics from about WWII up until about the late 70s. Keynesian thought then fell out of favor, due mainly to the work of Milton Friedman and the Chicago School of Economics, but it has recently enjoyed a resurgence in popularity.

-Gordon
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