George A. Akerlof: Phishing for Phools (2016)

ISBN: 9780691173023

George A. Akerlof: Phishing for Phools (2016)

ISBN: 9780691173023
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Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand.
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ISBN
9780691173023
Author
George A. Akerlof
Pages
288
Binding
Soft cover
Publisher
PRINCETON UNIVERSITY PRESS
Date of publication
2016
Format
Book
Language
English
In Phishing for Phools, Nobel Prize–winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing 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. Rather than being essentially benign and always creating the greater good, markets are inherently filled with tricks and traps and will "phish" us as "phools."