Keynes: “Who knows, Animal Spirits.”
“But Lord Keynes, what about the long run?”
“In the long run. We are all dead.”
The above discourse with the famed and acerbic economist allegedly occurred at a dinner party. Keynes was known for being quick witted and caustic (his final words were “I wished I drank more champagne”). But what are Animal Spirits? In his 1936 book that revolutionized economics, The General Theory of Employment, Interest and Money, the term "animal spirits" is used to describe human emotion which is measured today by consumer confidence.