PHISHING FOR PHOOLS

Packed with examples of the unscrupulous manipulation of human blindspots—including subprime mortgages, pharmaceuticals, political campaigns, gym memberships, credit cards, cars, and cranberry juice labels—this book not only promotes a skeptical view of free markets, but also helps readers protect themselves by understanding their psychological weaknesses.

“[Akerlof and Shiller] want to go far beyond behavioral economics, at least in its current form. They offer a much more general, and quite damning, account of why free markets and competition cause serious problems…They are intellectual renegades…Akerlof and Shiller make a convincing argument that phishing occurs because of the operation of the invisible hand, not in spite of it…[This] extraordinary book tells us something true, and profoundly important, about the operation of the invisible hand.”
—Cass Sunstein, New York Review of Books

“No question, Phishing for Phools is a radical book. It may also be a radically important one.”
—Fortune

“I highly recommend this, even for those who might disagree with the authors’ outlook. Their case studies are illuminating, and their insights on the way markets work are fascinating. When you consider the sorry state of the personal finances of the median working age family in the United States today, it’s hard to disagree with their central thesis that our current system isn’t working properly.”
—John Reeves, The Motley Fool, USA Today

“Entertaining, readable and provocative.”
—John Lanchester, London Review of Books

“A needed call for skeptical economics and financial mindfulness.”
—Nature