animal spirits

The story

1. Middle English · inherited fromspirite animal
2. English todayanimal spirits

From Middle English spirite animal; equivalent to animal (adjective) + spirits.

First known use, by meaning

• from 15th c. The theorized ‘spirits’ or physiological principles which allowed for sensation and voluntary movement.
• from 18th c. Liveliness, vivacity, a happy tendency to action.
• from 20th c. After Keynes (citation 1936, above), the emotional and intuitive factors that drive business decisions whether to make investment gambles.