Phishing For Phools – Economists For The Nanny State

Phishing For Phools - Economists For The Nanny State by David Gordon, Mises Institute

Although Phishing for Phools was published only a few months ago, it has already attracted much attention, owing to the eminence of its authors, both Nobel Laureates; but it has been misunderstood. Reviewers have taken it to be just another popularization of behavioral economics. The book does make use of behavioral economics, but its fundamental emphasis lies elsewhere. It is a radical attack both on the free market and a key part of standard economic theory.

The principal target of Phishing for Phools is a well-known and powerful argument in support of the free market. Akerlof and Shiller do not reject the argument...