Magazine
Latest Issue

Phishing for Phools: The economics of Manipulation and Deception

By Emran Mian   December 2015

Phishing for Phoolsby George A Akerlof and Robert J Shiller (Princeton, £16.95)

“Modern economics inherently fails to grapple with deception and trickery.” That’s the central claim of the new book by Nobel Laureates George Akerlof and Robert Shiller. Economics, they argue, assumes that we make choices according to our best interests. In practice, though, we depart from our best interests: we eat too much sugar and spend money we don’t have. Hence the other people we deal with—Akerlof and Shiller are particularly interested in the behaviour of profit-maximising private firms—can often do better…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect