“Phishing For Phools”: A Q&A With George Akerlof And Robert Shiller by Jason Zweig The free market isn’t merely the best mechanism ever devised to provide people with what they want; it is also the best mechanism ever devised to provide people with what they don’t want. That is the thesis of the new book Phishing for Phools: The Economics of Manipulation and Deception, by Nobel laureates in economics George A. Akerlof and Robert J. Shiller. ………….. While some of the argument may seem obvious—surely it isn’t a surprise that some people cheat at least some of the time—“Phishing for Phools”…
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