April 20th 2019


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Articles from this issue:

COVER STORY Budget 2019: The dark side of 'back in the black': no vision

EUTHANASIA FYI: How to navigate the voluntary assisted 'dying' process

CANBERRA OBSERVED Take your tax cuts and be merry, for tomorrow ... is another day

FOREIGN AFFAIRS New Middle East alliance will challenge Saudis

LIFE ISSUES ALP abortion policy blithely tramples all our consciences

SOCIETY AND TECHNOLOGY Will Artificial Intelligence do the walking for you?

LIFE ISSUES Trump, Shorten and Morrison on abortion

GENDER POLITICS Women abused at Women's Day March

NATIONAL AFFAIRS Bill Shorten's bizarre electric car policy

FAMILY AND SOCIETY Revitalising marriage and family: an especially lay apostolate

ASIAN AFFAIRS Entire nations going out without a baby's whimper

HUMOUR

MUSIC 1+1=Sublimity: Explanations are like the back side of a tapestry

CINEMA Shazam!: Ambitious teen finds out what's in a name

BOOK REVIEW What will be left us after the deluge?

BOOK REVIEW Author puts some great minds to work

LETTERS

POETRY

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PHISHING FOR PHOOLS:
The Economics of Manipulation and Deception

George A. Akerlof and Robert J. Shiller

$54.99


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About the book

Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material wellbeing, as if by an invisible hand. In Phishing for Phools, Nobel prize-winning economists George Akerlof and 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 and our ignorance through manipulation and deception. Rather than being essentially benign and always creating the greater good, markets are inherently filled with tricks and traps and will “phish” us as “phools”.

Phishing for Phools therefore strikes a radically new direction in economics, based on the intuitive idea that markets both give and take away. Akerlof and Shiller bring this idea to life through dozens of stories that show how phishing affects everyone, in almost every walk of life. We spend our money up to the limit, and then worry about how to pay next month’s bills. The financial system soars, then crashes. We are attracted, more than we know, by advertising. Our political system is distorted by money. We pay too much for gym memberships, cars, houses, and credit cards. Drug companies ingeniously market pharmaceuticals that do us little good, and sometimes are downright dangerous.

Phishing for Phools explores the central role of manipulation and deception in fascinating detail in each of these areas and many more. It thereby explains a paradox: why, at a time when we are better off than ever before in history, all too many of us are leading lives of quiet desperation. At the same time, the book tells stories of individuals who have stood against economic trickery – and how it can be reduced through greater knowledge, reform, and regulation.

About the authors

George A. Akerlof is University Professor at Georgetown University and the winner of the 2001 Nobel prize. Robert J. Shiller is Sterling Professor of Economics at Yale University, the winner of the 2013 Nobel Prize in economics, and the author of the New York Times bestseller, Irrational Exuberance (Princeton). Akerlof and Shiller are also the authors of Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism (Princeton).


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