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From Keynes' 'Animal Spirits' to Human Spirits Passion as the Missing Link in Entrepreneurial Intentions

The two giants of modern economic thought, Joseph Schumpeter and John Maynard Keynes, were born the same year, yet took dramatically different directions. While Schumpeter is usually thought of as the champion of entrepreneurship and bottom-up economic development, Keynes is known for championing a top-down macro approach toward economic development. One championed free enterprise, the other championed the centrality of governmental intervention. Yet, despite the stark differences, there is one thing that paradoxically connect them: Passion.Keynes mapped out a careful, rational model of human economic activity that hinged seemingly upon powerful public policy levers to maximize an economy's potential. However, hundreds of pages deep into his, he makes a startling confession: That all the rational decision making in the world cannot explain human agency and proposed the importance of "animal spirits". While few economists have tried to analyze "animal spirits," the subject merits deeper consideration. Nor have psychologists stepped into that breach either, despite Shapero's calls to understand what drives the human propensity to act on credible opportunities (1975, 1982). What is that spark and from whence does it arise?