Economics has always had a fondness for animal metaphors. John Maynard Keynes called the mix of instincts, emotions and cognitive biases that drive human behaviour and shape markets animal spirits . Bulls and bears prowl Wall Street; hawks and doves debate interest rates and credit ratings. More recently, we have been introduced to "black swans" - the term used by author Nassim Taleb to describe rare, catastrophic events that we are generally bad at anticipating.
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