by John Tamny
Real Clear Markets
In Phishing for Phools, a 2015 book that George Akerlof co-authored with Robert Shiller, the authors wrote without even a hint of irony that people “do not do what is really good for them, they do not choose what they really want.” Please think about the previous bit of absurdity from the two economists. Maybe think a while.
If they’re to be believed, we’re all just a collection of idiots. That’s what their allegedly careful economic analysis concludes.
Explicit in the authors’ disdain for the hoi polloi is that we’re all easy marks for manipulative advertisers who, backed by copious funds, can easily trick us into buying all manner of things we don’t need. Better yet, they can allegedly trick us into doing what we otherwise wouldn’t do.