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Phishing for Phools: The Economics of Manipulation and Deception ~ George A. Akerlof & Robert J. Shiller

  • 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.
  • Download Phishing for Phools

Described in Princton University Press Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, 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 the 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.

George A. Akerlof, Co-Winner of the 2001 Nobel Prize in Economics and Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics

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Download Phishing for Phools: The Economics of Manipulation and Deception Pdf

Time to Stop Worshipping Economic Growth

  • To remain within the nine planetary boundaries, nations must shed the fetish of economic growth and transition to a true-cost, steady state economy.
  • From the Archives | 4 Pathways to Our Climate Future—Which Will We Choose?

Brent Blackwelder, The Daly News / Common Dreams you like reading this article, consider joining the crew of all reader-supported Evergreene Digest by contributing the equivalent of a cafe latte a month--using the donation button above—so we can bring you more just like it. Saturday, October 31, 2015 | There are physical limits to growth on a finite planet. In 1972, the Club of Rome issued their groundbreaking report—Limits to Growth (twelve million copies in thirty-seven languages). The authors predicted that by about 2030, our planet would feel a serious squeeze on natural resources, and they were right on target.

In 2009, the Stockholm Resilience Center introduced the concept of planetary boundaries to help the public envision the nature of the challenges posed by limits to growth and physical/biological boundaries. They defined nine boundaries critical to human existence that, if crossed, could generate abrupt or irreversible environmental changes.

Brent Blackwelder, a Ph.D., is president Emeritus of Friends of the Earth U.S., a national environmental organization dedicated to preserving the health and diversity of the planet for future generations.

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From the Archives | 4 Pathways to Our Climate Future—Which Will We Choose? Nicole D'Alessandro, EcoWatch <>

  • What would the future look like if we took drastic action to cut emissions—or no action at all?
  • We can choose our own ending to this story. Which way will it go?
  • Top 20 ‘Dirty Denier$’ Who Accept Big Bucks from Big Polluters

Robert Reich | What Happened on My Tour Through Red State America

  • The best way to learn is to talk with people who disagree with you.
  • The Continuing Middle Class Crisis
  • Dick Rowan | Putting the Con in Conservative

Robert Reich, / AlterNet Now you can follow Evergreene Digest on Twitter. November 9, 2015 | I’ve just returned from three weeks in “red” America. It was ostensibly a book tour but I wanted to talk with conservative Republicans and Tea Partiers.

I intended to put into practice what I tell my students – that the best way to learn is to talk with people who disagree with you. I wanted to learn from red America, and hoped they’d also learn a bit from me (and perhaps also buy my book).

Robert Reich has served in three national administrations, most recently as secretary of labor under President Bill Clinton. His latest book is "Saving Capitalism: For the Many, Not the Few."

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Dick Rowan | Putting the Con in Conservative /

He put the "Con" in conservative (and we fell for it)!


The Continuing Middle Class Crisis, Compiled by David Culver, Ed., Evergreene Digest 

  • The people are fighting back and the elites recognize it. There is fear in the investor class as they see people organizing and mobilizing. Corporations are now investing more time and money in preparation to protect themselves from investor actions and legal challenges. The actions of corporations and governments against the people are a sign of their fear, and a sign of our unrealized strength.
  • Part 1: Goodbye Middle Class: 51 Percent Of All American Workers Make Less Than 30,000 Dollars A Year
  • Part 2: There Has Never Been an American “Middle Class”.

How Taxes Have Kept Wealth White

From the days of slavery to the 21st century rebirth of the poll tax, our tax system has been concentrating wealth at African-American expense, as legal scholar Andre Smith details in a timely new book.

Sam Pizzigati, Too Much At a time when corporations are buying up elections - not to mention the 24-hour news cycle - help ensure that a source for truly independent journalism lives on. Support all reader supported Evergreene Digest today by using the donation button in the above right-hand corner. The recent state surge of “voter suppression” laws, notes the Delaware Law School’s Andre Smith, amounts to a reincarnation of the poll tax.

October 31, 2015 | The concept of institutional racism, thanks to the Black Lives Matter movement, is moving right onto America’s political center stage. The institution under the brightest spotlight? That has to be America’s criminal justice system. But considerable attention has also focused on other institutions as well, most notably education and the financial industry.

But one institution hardly ever comes to mind when talk turns to institutional racism: our tax system. Most of us simply do not think about racism when we think about taxes. Andre Smith does.

Sam Pizzigati, Editor, Too Much

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