George A. Akerlof presented his book, Phishing for Phools: The Economics of Manipulation and Deception, coauthored with Robert J. Schiller, at a release event held at the Peterson Institute on September 21, 2015. The book challenges the conventional notions of free markets and the “invisible hand” theory. The authors argue that markets can be harmful in that they prey on the psychological weaknesses and ignorance of consumers. Morris Goldstein, nonresident senior fellow, chaired the event.
Akerlof joined the faculty of the McCourt School of Public Policy at Georgetown University in November 2014. Previously, beginning in 1966, he taught at the University of California in Berkeley, ultimately as the Koshland Professor of Economics at Berkeley. He was president of the American Economic Association in 2006. In 2001, Akerlof received the Alfred E. Nobel Prize in Economic Science for his theory of asymmetric information and its effect on economic behavior.
Book: Phishing for Phools: The Economics of Manipulation and Deception
George A. Akerlof and Robert J. Shiller