Phishing for phools - Robert J. Shiller on the economics of manipulation and deception

In his lecture Prof. Robert J. Shiller argued that “competitive markets by their very nature spawn deception and trickery.” 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.”
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