PHISHING FOR PHOOLS

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By George A. Akerlof, Robert J. Shiller
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"Akerlof and Shiller extend the standard ‘market failure' theory--which says that there is a potential role for government intervention when markets fail--by showing that markets fail not only because of the familiar reasons of externalities and unfair income distribution, but also because of the pervasive phenomenon of ‘phishing for phools' (profit-seeking through manipulation and deception). They point the way to a new paradigm freed from the constraints of market failure theory, able to illuminate ‘control by capital' (partly through phishing) and to prescribe for ‘control of capital' (partly by techniques for limiting phishing suggested here)."--Robert H. Wade, London School of Economics "This insightful book exposes a fundamental contradiction in the market system. Consumers and policymakers beware: profit-seeking businesses foster efficiency and innovation, but have strong incentives to manipulate you and sophisticated new data tools allow them to do so in personalized ways."--Laura D'Andrea Tyson, University of California, Berkeley "This fun but serious book tells how the standard story about free markets often gets it wrong. Indeed, Akerlof and Shiller suggest that we should drop the view of markets as generally benign institutions. The argument is laid out with the help of fascinating anecdotes, the language is conversational, and the book is easy to read. It is addressed to a broad audience, but economists will enjoy it too.
AuthorGeorge A. Akerlof, Robert J. Shiller Author 2Robert J. Shiller
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