Phishing for Phools: the economics of manipulation and deception
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- čas přidán 12. 11. 2015
- Date: Wednesday 11 November 2015
Time: 6.30-8pm
Venue: Old Theatre, Old Building
Speaker: Professor Robert J. Shiller
Chair: Professor Wouter Den Haan
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. Robert Shiller delivers 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.”
This represents a radically new direction in economics, based on the intuitive idea that markets both give and take away. 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. Phishing for Phools explores the central role of manipulation and deception 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.
Robert J Shiller (@RobertJShiller), the recipient of the 2013 Nobel Prize in economics, is a best-selling author, a regular contributor to the Economic View column of the New York Times, and a professor of economics at Yale University. His books include Finance and the Good Society, Animal Spirits (co-written with George A. Akerlof), The Subprime Solution, The New Financial Order and Irrational Exuberance.
Wouter Den Haan is Professor of Economics at LSE and Co-Director of the Centre for Macroeconomics.
The Department of Economics at LSE (@LSEEcon) is one of the largest economics departments in the world. Its size ensures that all areas of economics are strongly represented in both research and teaching.
The Centre For Macroeconomics (@CFMUK) brings together world-class experts to carry out pioneering research on the global economic crisis and to help design policies that alleviate it.
Brilliant. So much information from a person with a real passion for his subject.
This man is a world class human being.
It is an insightful book by Nobel Prize-winning economists George A. Akerlof and Robert J. Shiller.
@1:58 Nice ovation for Professor Shiller!
Great stuff: finally an economist realises what marketers have known for a long time - people are really suckers.
Great lecture
raises good questions.
Rockstar Shiller! :D
Wooohooo
great speech, very interesting. they definitely should investigate movies for behavioral cues, they're everywhere. i like the idea of regulators however we dont really have any regulation in the usa, they've all been captured by their industries. think GMO and FDA, vacine saftey and CDC, the obvious failures there recently discovered vs a vis the mmr vacine. and now regulators are thinking of banning vitamins in favor of big pharma. so regulation is good, wish we had some that actually wasn't politicized and corrupted.
theres the next book, regulation and corruption a behavioral study...i'd buy that
he is very keen to behavioral economics,that surely identifies economics are not really science,just human behavior.somebody made it complicated
I don't think they take the analysis anywhere near far enough, and he's doing too much soft talk and apologizing
+Mike Vincent I think it depends on your level of understanding.
+Mike Vincent the theory behind is what matters - those who don't understand it talk about tones and posture.
professor schiller for president...
Karl Marx put it much better.
Why do LSE students ask such long and awful questions, really, his poor face, that girls question killed him, she asked abt consuming and he just went on abt women not driving and tried to say errr ur a girl errrr socil movements errrr sorry I csnt answer haha, I love him I was so upset and these weird ego lse drones
Racism at 29:55
mrzack888 *demographics
a lame duck speech