Reviving animal spirits

John Maynard Keynes, writing in 1936, said that “most, probably, of our decisions to do something positive... can only be taken as the result of animal spirits — a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.” But do we really have a problem with animal spirits? Why? And what can be done about it? We have a problem Consider two August 15s, 28 years apart: 1991 and 2019. In 1991, the Indian economy was a shadow of what it is today. We were, then.....

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