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

Author:Akerlof, George A.; Shiller, Robert J.
Language: eng
Format: epub, mobi, pdf
Publisher: Princeton University Press
Published: 2015-12-04T16:00:00+00:00

Summary

The common thread in the many different examples of heroism cited in this chapter has been an ethical and altruistic attitude among leaders, in business, government, or elsewhere, who convince the public to adopt standards and institutions. As Benjamin Cardozo said in an 1889 commencement address at Columbia University, we do not demand “absolute community” as under socialism, for that runs counter to the incentivization of economic action.49 We would say there must be a moral community, and within that a free market of individual action. That moral community has been successful in pushing back against informational phish.

But we are still wholly vulnerable to psychological phish. Every child who has eaten too much ice cream knows the meaning of the phrase “you got what you wished for.” The Greeks even had a story about it: remember Midas. We can limit information phish; psychological phish is yet more difficult; and that takes us to the next chapter.

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