In his magnum opus work, “The General Theory of Employment, Interest, and Money,” published in 1936, John Maynard Keynes made famous the reference to “animal spirits” – those things that relate to the instincts and emotions that can drive human behavior. Keynes wrote of them in the context of economics. The passage which has become the stuff of economic legend reads:
“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 – a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.”
Well, in President Donald Trump’s economy, I am pleased to report that Keynes’ animal spirits are moving rapidly throughout the economy and no séance is required to draw them out.
Of all places, a CNN Poll released earlier this week revealed that 71 percent of those surveyed feel the economy is in good shape – the highest level since 2001. Another bit of good news is that seven out of 10 people now say they trust the free market more than the government.
This must come as a shock to the entire field of Democratic hopefuls for 2020, as the early debate between them has been along the lines of, “My socialism is better than your socialism.”