George Akerlof and Robert Shiller
What’s inside
‘Phishing for Phools’ explores the darker side of the free market, where deception and manipulation are not anomalies but inherent features. Nobel Prize-winning economists George Akerlof and Robert Shiller argue that markets are filled with tricks and traps, which they term ‘phishing for phools’. They illustrate how manipulation spans from personal finance to politics, underlining that no one is immune. The book combines economic theory, psychological insights, and real-world examples to demonstrate how phishing affects everyone, and calls for a more enlightened capitalism that guards against deceit.
You’ll Learn
- Understand how markets manipulate consumers
- Recognize and avoid common financial traps
- Gain insights into the interplay between psychology and economics
- Advocate for more consumer-friendly economic policies
Key Points
- Markets are inherently filled with deception
- Personal finance and politics are particularly prone to manipulation
- Everyone is vulnerable to being ‘phished’
- A call for a capitalism that protects consumers
- The necessity of regulatory measures to curb deception
- Insights into the psychological underpinnings of market manipulation
Who’s it For
- Economics enthusiasts
- Readers interested in consumer psychology
- People curious about market dynamics
- Individuals concerned about manipulation in various spheres
About the author
George Akerlof and Robert Shiller are both Nobel Prize-winning economists known for their groundbreaking work in behavioral economics. Akerlof’s research on markets with asymmetric information won him the prize in 2001 while Shiller, awarded in 2013, is renowned for his work on market volatility and asset prices. Together, they combine decades of academic and practical insights into the workings of economies.