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Phishing for phools: the economics of manipulation and deception
(Book)

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Contributors:
Published:
Princeton : Princeton University Press, [2015].
Physical Desc:
xvi, 272 pages ; 25 cm
Status:
Carmichael
330.01 A314 2015
Central
330.01 A314 2015
Description

Why the free-market system encourages so much trickery even as it creates so much good
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. 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."
Phishing for Phools therefore strikes a radically new direction in economics, based on the intuitive idea that markets both give and take away. Akerlof and Shiller bring this idea to life through dozens of stories that 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. We are attracted, more than we know, by advertising. Our political system is distorted by money. We pay too much for gym memberships, cars, houses, and credit cards. Drug companies ingeniously market pharmaceuticals that do us little good, and sometimes are downright dangerous.
Phishing for Phools explores the central role of manipulation and deception in fascinating detail in each of these areas and many more. It thereby explains 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. At the same time, the book tells stories of individuals who have stood against economic trickery—and how it can be reduced through greater knowledge, reform, and regulation.

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Carmichael
330.01 A314 2015
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Central
330.01 A314 2015
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Format:
Book
Language:
English
ISBN:
9780691168319, 0691168318

Notes

Bibliography
Includes bibliographical references (pages 233-256) and index.
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Citations
APA Citation (style guide)

Akerlof, G. A., & Shiller, R. J. (2015). Phishing for phools: the economics of manipulation and deception. Princeton, Princeton University Press.

Chicago / Turabian - Author Date Citation (style guide)

Akerlof, George A., 1940- and Robert J., Shiller. 2015. Phishing for Phools: The Economics of Manipulation and Deception. Princeton, Princeton University Press.

Chicago / Turabian - Humanities Citation (style guide)

Akerlof, George A., 1940- and Robert J., Shiller, Phishing for Phools: The Economics of Manipulation and Deception. Princeton, Princeton University Press, 2015.

MLA Citation (style guide)

Akerlof, George A. and Robert J. Shiller. Phishing for Phools: The Economics of Manipulation and Deception. Princeton, Princeton University Press, 2015.

Note! Citation formats are based on standards as of July 2022. Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy.
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Grouped Work ID:
8b0fab6e-5e98-526d-a526-05a4aaaf752f
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Record Information

Last Sierra Extract TimeMar 26, 2024 07:34:09 PM
Last File Modification TimeMar 26, 2024 07:34:40 PM
Last Grouped Work Modification TimeMar 28, 2024 02:11:39 AM

MARC Record

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