DigitalRob reviewed Phishing for Phools by George Akerlof
Review of 'Phishing for Phools' on 'Goodreads'
"I loved the stories in this book. It is a clear argument that narrative and behavioral economic theory needs to play a role in government financial decisions, and the argument here stands in clear opposition to completely unfettered free-market capitalism. The argument here is that when their is opportunity for phishing, phishing will happen. Some phishing benefits both the buyer and seller, but often phishing benefits the seller and hurts the buyer. (Using ""seller"" and ""buyer"" with lose definitions.)
The argument and stories in this book demonstrate the need for a balanced approach to capitalism. Over-regulation harms growth and opportunity. Under regulation creates negative phishing opportunities, which can lead to systemic collapse as with the 2008 recession.
Also important is the necessity of constant vigilance with regard to regulation. Some regulations go out of date and become ineffective. Some regulations cause the regulators to become the phished to find ways …
"I loved the stories in this book. It is a clear argument that narrative and behavioral economic theory needs to play a role in government financial decisions, and the argument here stands in clear opposition to completely unfettered free-market capitalism. The argument here is that when their is opportunity for phishing, phishing will happen. Some phishing benefits both the buyer and seller, but often phishing benefits the seller and hurts the buyer. (Using ""seller"" and ""buyer"" with lose definitions.)
The argument and stories in this book demonstrate the need for a balanced approach to capitalism. Over-regulation harms growth and opportunity. Under regulation creates negative phishing opportunities, which can lead to systemic collapse as with the 2008 recession.
Also important is the necessity of constant vigilance with regard to regulation. Some regulations go out of date and become ineffective. Some regulations cause the regulators to become the phished to find ways around the regulation, and some regulations lead to larger negative opportunities for phishing than the scams they were meant to prevent. Essentially, regulation needs to be constantly reviewed for effectiveness and change and sometimes elimination."