I had a problem understanding Keynes because of my usual complaint,
one cannot develop an ongoing deflationary shock in a leakless model. In other words, one has to leave the realm of measurement economics to get an ongoing deflationary spiral, and that is where Animal Spirits come in. I saw the new
cartoon on the subject. The cartoon suddenly explained that Animal Spirits are a growing, non-economic force internal to the agent, a persistent devolution.
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