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Phishing For Phools

Author: George A. Akerlof
Publisher: Princeton University Press
ISBN: 1400873266
Size: 61.47 MB
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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. 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.

Cents And Sensibility

Author: Gary Saul Morson
Publisher: Princeton University Press
ISBN: 0691184410
Size: 43.30 MB
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In Cents and Sensibility, an eminent literary critic and a leading economist make the case that the humanities—especially the study of literature—offer economists ways to make their models more realistic, their predictions more accurate, and their policies more effective and just. Arguing that Adam Smith’s heirs include Austen, Chekhov, and Tolstoy as much as Keynes and Friedman, Gary Saul Morson and Morton Schapiro trace the connection between Adam Smith’s great classic, The Wealth of Nations, and his less celebrated book on ethics, The Theory of Moral Sentiments. The authors contend that a few decades later, Jane Austen invented her groundbreaking method of novelistic narration in order to give life to the empathy that Smith believed essential to humanity. More than anyone, the great writers can offer economists something they need—a richer appreciation of behavior, ethics, culture, and narrative. Original, provocative, and inspiring, Cents and Sensibility demonstrates the benefits of a dialogue between economics and the humanities and also shows how looking at real-world problems can revitalize the study of literature itself. Featuring a new preface, this book brings economics back to its place in the human conversation.

Advanced Introduction To Behavioral Economics

Author: John F. Tomer
Publisher: Edward Elgar Publishing
ISBN: 1784719927
Size: 35.49 MB
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Leading researcher John F. Tomer presents an invigorating and concise introduction to behavioral economics that offers essential behavioral theories, perspectives, trends and developments within this ever-evolving discipline.

Issues And Trends In Interdisciplinary Behavior And Social Science

Author: Ford Lumban Gaol
Publisher: CRC Press
ISBN: 1351372696
Size: 19.52 MB
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Issues and Trends in Interdisciplinary Behavior and Social Science contains papers presented at the 6th International Congress on Interdisciplinary Behavior and Social Science 2017 (ICIBSoS 2017), held 16—17 December 2017 in Yogyakarta, Indonesia. The contributions cover every discipline in all fields of social science, and discuss many current trends and issues being faced by 21st century society especially in Southeast Asia. Topics include literature, family culture studies, behavior studies, psychology and human development, religion and values, religious coping, social issues such as urban poverty and juvenile crisis, driving behavior, well-being of women, career women, career performance, job stress, happiness, social adjustment, quality of life among patients, the cosmetics business, etc. The issues are discussed using scientific quantitative or qualitative methods from different academic viewpoints.

Inequality And Global Supra Surplus Capitalism

Author: Canterbery E Ray
Publisher: World Scientific
ISBN: 9813200847
Size: 39.79 MB
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This book is written as a sequel to John Kenneth Galbraith's The Affluent Society, and provides a theoretical framework, for the first time, for surpra-surplus capitalism. Conventional economics has the income and wealth distributions as "givens." This assumption immediately excludes such distributions from economic and social concern. Occasionally, economists such as Kenneth Boulding and even earlier, Michal Kalecki, have attempted to develop alternative perspectives in which such distributions are integral to the story and therefore have implications for public policy. At the same time, conventional microeconomics is a theory of price only in which economic efficiency (in an engineering sense) is the only value to be optimized. The income or wealth distributions are given as constraints. Mathematically, the constraints thereafter become invisible; they have no further role to play. The choices that are presumed to be made are neither inhibited nor facilitated by a household's position in the income or wealth distributions. This volume will explore problems with conventional theory and policy, but its main thrust comprises a theory of supra-surplus capitalism, applicable to both developed and developing countries, and its relation to inequalities worldwide. Contents: Introduction: The Paramount Position of ProductionThe Supra-surplus SocietyUnconventional WisdomEconomics and the Traditions of Scarcity and DespairPost Great Recession ExpectationsThe Necessary Economy: A Neo-Recardian View of Surpluses and Budget SharesThe Kaleckian Income DistributionThe Importance of the Kaleckian Income DistributionVeblenian Demand and Engel's LawSupra-surplus Capitalism: Prices, Advertising, and PowerThe Vita Theory of the Personal Income Distribution and PowerThe Global LinkagesThe Importance of the Vita TheoryStagnation and InnovationsCasino Capitalism: At InceptionA Net Worth PerspectiveThe Casino Effect of TA Minsky MomentInequalitiesPolicies: The Negative-Interest-Rate Global SocietyThe Minimum Wage and the Rehabilitation of Fiscal PolicyTaxation on WealthThe Campaign of 2016 and the Trump Transition Readership: Graduate and undergraduate students of contemporary and historical economics, researchers and academics of economics. Keywords: Capitalism;Production Surpluses;Supra-surpluses;Casino Economy;Inequality;Vita Theory;Great Recession;Subsistence;Minimum Wage;Markup;Kaleckian Power;Stagnation;Innovation;Technological Advance;Income Distribution;Wealth Distribution;Fiscal Policy;Monetary Policy;Incomes Policy;Zero-interest Rate SocietyReview: Key Features: Provides an economic theory rooted in the real worldDevelops a theory applicable to both developed and developing countriesMakes a distinction between the necessary and discretionary economyLays out the basis for new economic policies, some of which have been partially implemented in the pastProvides a theoretical framework, for the first time, for surpra-surplus capitalismIntegrates foreign and domestic economics in a meaningful wayDevelops the basis for income and wealth inequalities in different economiesProvides a multitude of potential policy remedies

Modern Studies In Property Law

Author: Heather Conway
Publisher: Bloomsbury Publishing
ISBN: 178225756X
Size: 75.96 MB
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This book contains a collection of peer-reviewed papers presented at the Eleventh Biennial Modern Studies in Property Law Conference held at Queen's University Belfast in April 2016. It is the ninth volume to be published under the name of the Conference. The Conference and its published proceedings have become an established forum for property lawyers from around the world to showcase current research in the discipline. This collection reflects the diversity and contemporary relevance of modern research in property law. Following a foreword from the keynote speaker at the Conference, Queen's alumnus Lord Kerr of Tonaghmore, the chapters address a range of issues, from the nature of land law and property rights, through claims to the home and digital assets, to the growing debate on the nature of public property. Collectively the chapters demonstrate the vibrancy and importance of property law in dealing with modern concerns across the common law world.

Markets And Manipulation

Author: Kaushik Basu
Publisher:
ISBN:
Size: 67.64 MB
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There is a growing appreciation in economics that people have emotional vulnerabilities, commitments to social norms, and systematic irrationalities, which impact their decision making and choice in the marketplace. The flip side of this is that human beings are susceptible to being manipulated by unscrupulous agents who are single-minded about marketing their services and wares. This paper reviews George Akerlof and Robert Shiller's book, Phishing for Phools: The Economics of Manipulation and Deception, alongside other writings in the field, and discusses how this research agenda can be taken forward. The paper shows how this new research can shed light on the ubiquity of corruption in so many societies, and proposes ideas for controlling corruption.

China S Guaranteed Bubble

Author: Ning Zhu
Publisher: McGraw Hill Professional
ISBN: 1259644596
Size: 29.17 MB
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The truth about China’s financial industry—and the growing bubble that’s guaranteed to blow it apart... In recent years, the Chinese economy has been fueled by the implicit guarantee of major banks and local governments by the nation’s central government. The resultant bubble has led to the emergence of a large shadow banking industry that poses major risks to China’s real estate market, speculative stock investments, state-owned enterprises, and more. It’s not a matter of if China’s bubble will burst. It’s a matter of when. This eye-opening book from renowned financial scholar Ning Zhu provides a provocative in-depth analysis of China’s current economic practices—and the profound dangers they pose—as well as a powerful wake-up call to investors, regulators, and the entire financial industry. Zhu’s book is packed with startling revelations, including: * The enormous impact of China’s implicit guarantees on economic growth—and what will happen when those guarantees are gone * The ever-increasing size of China’s shadow banking industry—and how it’s just the tip of the iceberg * The once-reliable strength of China’s real estate and stock markets—and how they’re threatened by government distortion * The latest financial innovations and channels—and how they are circumventing regulations and triggering unprecedented risks Filled with fascinating case studies, worst case scenarios, and a well-argued case for much-needed reforms, Zhu’s enlightening book is a must-read for anyone with interests or investments in China’s rapidly changing economy. You’ll find intriguing new perspectives on traditional growth models, innovative solutions for overcapacity problems, and revealing new stats on so-called Voodoo Statistics. You’ll get a glimpse behind the curtain of the “unknown unknowns” of China’s implicit guarantees—and learn just how misleading these government policies can be. Most importantly, Zhu’s book provides solid recommendations for diffusing the time bomb these guarantees can and will set off. Brilliant, incisive, and ultimately optimistic, China’s Guaranteed Bubble will incite a much-needed call for change and set us on a new path of prosperity and growth—for China, the economy, and the world.

Author: 喬治.艾克羅夫 George A. Akerlof
Publisher: 遠見天下文化出版股份有限公司
ISBN: 9864790285
Size: 70.57 MB
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