Thursday, June 09, 2016

Prof. Robert J. Shiller: 
Phishing For Phools
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 & 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 & our ignorance through manipulation & deception. Rather than being essentially benign & always creating the greater good, markets are inherently filled with tricks & traps & will "phish" us as "phools." .. about 1 hour

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