##Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as the result of animal spirits -- of a spontaneous urge to action rather than inaction.
##individual initiative will only be adequate when reasonable calculation is supplemented and supported by animal spirits, so that the thought of ultimate loss which often overtakes pioneers, as experience undoubtedly tells us and them, is put aside as a healthy man puts aside the expectation of death. [Keynes 1936, p. 162]
or
##Generally speaking, in making a decision we have before us a large number of alternatives, none of which is demonstrably more 'rational' than the others .... To avoid being put in the position of Buridan's ass [which died of starvation from being unable to choose between two equivalent bales of hay] we fall back ... on habit, instinct, preference, desire, will, etc. [Keynes 1938, p. 294] "Forstater, Mathew" wrote:
> Steve Marglin had a piece
> a few years ago where said Keynes introduced the idea of uncertainty in
> investment and the notion of animal spirits implied that we needed people who
> would take risks in the face of uncertainty because if we only relied on "cold
> calculation" there probably wouldn't be much investment, and therefore jobs.
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Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu