--- title: "Meaning & Key Takeaway of: The markets are moved by animal spirits…" description: "\"The markets are moved by animal spirits, and not by reason.\" — John Maynard Keynes" image: "https://sms4smile.com/quotes/i/53b/john-maynard-keynes-1380_animal_the-markets-are-moved-by-animal-spirits_448286.png" --- # The markets are moved by animal spirits, and not by reason. ![“The markets are moved by animal spirits, and not by reason.” quote by John Maynard Keynes](https://sms4smile.com/quotes/i/53b/john-maynard-keynes-1380_animal_the-markets-are-moved-by-animal-spirits_448286.png) [Download](https://sms4smile.com/quotes/i/53b/john-maynard-keynes-1380_animal_the-markets-are-moved-by-animal-spirits_448286.png) [Open image](https://sms4smile.com/quotes/i/53b/john-maynard-keynes-1380_animal_the-markets-are-moved-by-animal-spirits_448286.png) > “The markets are moved by animal spirits, and not by reason.” [John Maynard Keynes](https://sms4smile.com/quotes/author/john-maynard-keynes/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Market movements are driven more by collective emotions than rational analysis. **In simple terms:** Economies follow crowd feelings, not logic. Key Takeaway Watch for herd behavior in financial decisions. Themes economics behavioral finance market dynamics psychology animal spirits Mood cautious analytical reflective Type theoretical practical When to use this quote - investment strategy - policy making - risk assessment - media reporting - personal finance Key Concepts Collective sentiment irrational exuberance risk perception macro trends Questions to Reflect On - What indicators reveal prevailing market sentiment? - How do emotions interact with rational analysis? A Different Perspective Rational models still explain many market outcomes; emotions are not sole drivers. ★ ★ ★ ★ ★ No ratings yet [Animal](https://sms4smile.com/quotes/about/animal/) [Animal spirits](https://sms4smile.com/quotes/about/animal-spirits/) [Investing](https://sms4smile.com/quotes/about/investing/) [Markets](https://sms4smile.com/quotes/about/markets/) [Reason](https://sms4smile.com/quotes/about/reason/) [Spirit](https://sms4smile.com/quotes/about/spirit/) ## Related quotes > [I have many times encountered spirits but the reason I don't talk about these things in person is because I feel the people might…](https://sms4smile.com/quotes/vikram-bhatt/i-have-many-times-encountered-spirits-but-the-reason-i-don-t-talk/) [Vikram Bhatt](https://sms4smile.com/quotes/author/vikram-bhatt/) > [Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can…](https://sms4smile.com/quotes/john-maynard-keynes/most-probably-of-our-decisions-to-do-something-positive-the-full/) [John Maynard Keynes](https://sms4smile.com/quotes/author/john-maynard-keynes/) > [A certain excess of animal spirits with thoughtless good-humor will often make more enemies than the most deliberate spite and ill-nature, which is on…](https://sms4smile.com/quotes/william-hazlitt/a-certain-excess-of-animal-spirits-with-thoughtless-good-humor-will/) [William Hazlitt](https://sms4smile.com/quotes/author/william-hazlitt/) > [We've got to get rid of the fear of failure in this country. 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They are like my naguales \[kindred animal spirits\]. They follow… ](https://sms4smile.com/quotes/sandra-cisneros/i-don-t-like-to-go-into-subways-because-i-always-see-them-mice-they/) [Sandra Cisneros](https://sms4smile.com/quotes/author/sandra-cisneros/) > [Punning is an art of harmonious jingling upon words, which, passing in at the ears, excites a titillary motion in those parts; and this,…](https://sms4smile.com/quotes/jonathan-swift/punning-is-an-art-of-harmonious-jingling-upon-words-which-passing-in/) [Jonathan Swift](https://sms4smile.com/quotes/author/jonathan-swift/) ## More by John Maynard Keynes > [Once we allow ourselves to be disobedient to the test of an accountant's profit, we have begun to change our civilization.](https://sms4smile.com/quotes/john-maynard-keynes/once-we-allow-ourselves-to-be-disobedient-to-the-test-of-an/) [John Maynard Keynes](https://sms4smile.com/quotes/author/john-maynard-keynes/) > [If you owe your bank manager a thousand pounds, you are at his mercy. 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Francione](https://sms4smile.com/quotes/author/gary-l-francione/) [Browse all 13,456 Animal quotes ](https://sms4smile.com/quotes/about/animal/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "The markets are moved by animal spirits, and not by reason.", "creator": { "@type": "Person", "name": "John Maynard Keynes" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/john-maynard-keynes/the-markets-are-moved-by-animal-spirits-and-not-by-reason/", "about": { "@type": "Thing", "name": "Animal" }, "@id": "https://sms4smile.com/quotes/john-maynard-keynes/the-markets-are-moved-by-animal-spirits-and-not-by-reason/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/53b/john-maynard-keynes-1380_animal_the-markets-are-moved-by-animal-spirits_448286.png", "contentUrl": "https://sms4smile.com/quotes/i/53b/john-maynard-keynes-1380_animal_the-markets-are-moved-by-animal-spirits_448286.png", "url": "https://sms4smile.com/quotes/i/53b/john-maynard-keynes-1380_animal_the-markets-are-moved-by-animal-spirits_448286.png", "width": 1080, "height": 1080, "caption": "“The markets are moved by animal spirits, and not by reason.” — John Maynard Keynes", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "John Maynard Keynes", "item": "https://sms4smile.com/quotes/author/john-maynard-keynes/" }, { "@type": "ListItem", "position": 4, "name": "The markets are moved by animal...", "item": "https://sms4smile.com/quotes/john-maynard-keynes/the-markets-are-moved-by-animal-spirits-and-not-by-reason/" } ], "@id": "https://sms4smile.com/quotes/john-maynard-keynes/the-markets-are-moved-by-animal-spirits-and-not-by-reason/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```