Phishing for Phools

Phishing for Phools

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Akerlof, George A. | Shiller, Robert J. Princeton University Press, 2015
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IN THIS SUMMARY

The free market economy demands a profit-over-people approach. Driven by greed, markets incite self-destructive behaviors on a mass level. The targeting of natural human weaknesses is known as “phishing,” while the consumer (kept in ignorance) is regarded as a “phool.” In Phishing for Phools, George A. Akerlof and Robert J. Shiller examine the way that sellers exploit psychological weaknesses to create false need. They reveal that institutions and markets that have traditionally been regarded as trustworthy are deceptive and predatory.