Phishing for Phools

Phishing for Phools

The Economics of Manipulation and Deception

Book - 2015
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Akerlof and Shiller argue that markets harm as well as help us. As long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and our ignorance through manipulation and deception. Based on the intuitive idea that markets both give and take away, they show how phishing affects everyone, in almost every walk of life. We spend our money up to the limit, and then worry about how to pay the next month's bills. The financial system soars, then crashes. In doing so they explain a paradox: why, at a time when we are better off than ever before in history, all too many of us are leading lives of quiet desperation.
Publisher: Princeton, New Jersey : Princeton University Press, [2015]
ISBN: 9780691168319
Characteristics: xvi, 272 pages ; 25 cm
Additional Contributors: Shiller, Robert J. - Author
Alternative Title: Fishing for fools


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Mar 25, 2016

Bold new take on why "phishing" (luring money from unsophisticated "phools") is a persistent cornerstone of "free markets" and how economists should acknowledge its effect on the economy and measure its effects on one and all, instead of pretending it doesn't exist and allowing for abuse by clever technologists and financial manipulators.


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