{"product_id":"phishing-for-phools-the-economics-of-manipulation-and-deception-paperback","title":"Phishing for Phools: The Economics of Manipulation and Deception - Paperback","description":"\u003cp\u003eby \u003cb\u003eGeorge A. Akerlof\u003c\/b\u003e (Author), \u003cb\u003eRobert J. Shiller\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003cb\u003eWhy the free-market system encourages so much trickery even as it creates so much good\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eEver 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 \u003ci\u003ePhishing for Phools\u003c\/i\u003e, 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.\" \u003cp\u003e\u003c\/p\u003e\u003ci\u003ePhishing for Phools\u003c\/i\u003e 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. \u003cp\u003e\u003c\/p\u003e\u003ci\u003ePhishing for Phools\u003c\/i\u003e 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.\u003ch3\u003eBack Jacket\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\"In an entertaining and lively account, Akerlof and Shiller show that while the pursuit of profits may lead to products that enrich our lives, it may also lead to manipulation and deception. Much of recent innovation has led to products that make cheating the public easier. The implications are complex and profound.\"\u003cb\u003e--Joseph E. Stiglitz, Nobel Laureate in Economics\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\"\u003ci\u003ePhishing for Phools\u003c\/i\u003e is an intellectual tour de force. It may change your image of the invisible hand into an invisible phoot, always looking to trip you up. Read it for phun; read it for wisdom.\"\u003cb\u003e--Alan S. Blinder, author of \u003ci\u003eAfter the Music Stopped: The Financial Crisis, the Response, and the Work Ahead\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\"A phabulous book! This is economics after the behavioral revolution at its best.\"\u003cb\u003e--Samuel Bowles, Santa Fe Institute\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\"Akerlof and Shiller provide a phenomenal guide to the pitfalls of the phree market. This redemptive revision of economic theory explains the built-in risks of rip-offs in a profit-maximizing world.\"\u003cb\u003e--Nancy Folbre, professor emerita, University of Massachusetts, Amherst\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\"As Akerlof and Shiller remind us, the same incentives that lead sellers to introduce innovations that improve quality and reduce costs also ensure that no profitable opportunity to cheat us will remain unexploited. This highly readable and insightful book will transform how we think about the role of government.\"\u003cb\u003e--Robert H. Frank, author of \u003ci\u003eThe Economic Naturalist\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\"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 \u003ci\u003eby\u003c\/i\u003e capital' (partly through phishing) and to prescribe for 'control \u003ci\u003eof\u003c\/i\u003e capital' (partly by techniques for limiting phishing suggested here).\"\u003cb\u003e--Robert H. Wade, London School of Economics\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\"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.\"\u003cb\u003e--Laura D'Andrea Tyson, University of California, Berkeley\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\"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.\"\u003cb\u003e--Dani Rodrik, author of \u003ci\u003eThe Globalization Paradox\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\"\u003ci\u003ePhishing for Phools\u003c\/i\u003e is a coherent and highly plausible explanation of why markets--although usually beneficial--can lead to undesirable outcomes. The book takes an intriguing approach and gives many interesting examples.\"\u003cb\u003e--Diane Coyle, author of \u003ci\u003eGDP: A Brief but Affectionate History\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003cb\u003eGeorge A. Akerlof\u003c\/b\u003e is University Professor at Georgetown University and the winner of the 2001 Nobel Prize. \u003cb\u003eRobert J. Shiller\u003c\/b\u003e is Sterling Professor of Economics at Yale University, the winner of the 2013 Nobel Prize in economics, and the author of the \u003ci\u003eNew York Times \u003c\/i\u003ebestseller \u003ci\u003eIrrational Exuberance\u003c\/i\u003e (Princeton). Akerlof and Shiller are also the authors of \u003ci\u003eAnimal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism\u003c\/i\u003e (Princeton).\u003c\/p\u003e\u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 288\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.9 x 7.9 x 5.3 IN\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e August 16, 2016\u003c\/div\u003e","brand":"Books by splitShops","offers":[{"title":"Default Title","offer_id":51761525653792,"sku":"9780691173023","price":19.95,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0974\/9764\/5344\/files\/eb2dcb0a85fbd24fd92db5b6fb100773.webp?v=1780209634","url":"https:\/\/ebocreations.com\/products\/phishing-for-phools-the-economics-of-manipulation-and-deception-paperback","provider":"The E-Book Oasis LLC","version":"1.0","type":"link"}