Politics & Society

Robert Shiller on the Economics of Deception

Nobel economist Robert Shiller reveals how manipulation and deception are integral to how markets function – they are designed to systematically exploit our psychological weaknesses and ignorance. So what can help arm us against these tricks and traps?

For too long, we have believed that markets are generally benign institutions, geared to deliver us material well-being.

In fact, manipulation and deception are integral to how markets function, and, as long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and ignorance.

What can help arm us against these tricks and traps? Greater knowledge, reform, regulation?

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