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Phishing for Phools: The Economics of Manipulation and Deception
The teaching of economics has been that free markets provide us with material well-being. In this book, Nobel Prize-winning economists deliver a fundamental challenge to this insight, arguing that markets can harm as well as help us. It explains why, at a time when we are better off than ever before in history, too many of us lead lives of desperation. The authors argue that as long as there is profit to be made, sellers will exploit our psychological weaknesses through manipulation, advertising and deception. The book explores these economics trickeries and shows how to reduce them through greater knowledge, reform and regulation.