ABSTRACT
The introduction of the new concepts, an attempt is made to give Animal Spirits a solid foundation within an appropriate theoretical framework. This chapter analyzes Akerlof and Shille, which has generated a new and growing interest for Animal Spirits, does not hold as a solid basis for a definition of the phenomenon. It is demonstrated that a more solid theoretical basis for Animal Spirits can be derived from Keyness original concept of probability and uncertainty; and, the main elements of this theoretical basis are formed by what is introduced in the following as the concepts include attentism and attentism the reversion of the probability problem and application of the philosophical concept of intentionality. They can summarize that Animal Spirits are apparently used as a synonym for behavioural patterns which contradict the classical/neoclassical ideal of economic rationality. The main contribution of the chapter is an approach which tries to develop a theoretical foundation of Animal Spirits within Keyness conception of probability.
