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Event
November 11, 2015

Phishing for Phools: the Economics of Manipulation and Deception

by
Henry Jackson Society

Shiller

TIME: 13:00 – 14:00, Wednesday 11th November 2015

VENUE: Committee Room 3A, House of Lords

SPEAKER: Robert J. Shiller, 2013 Economics Nobel Prize Laureate; Sterling Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University; and Professor of Finance and Fellow, International Center for Finance, Yale School of Management

To attend please RSVP to: researchassistant7@henryjacksonsociety.org

#HJSEvents

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 can 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.”

This event will hear from Robert J. Shiller who will be discussing his new book ‘Phishing for Phools: The Economics of Manipulation and Deception.’ Based on the intuitive idea that markets both give and take away, Professor Shiller will explain 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. 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. He will also offer examples of individuals who have stood against economic trickery—and how it can be reduced through greater knowledge and reform.

By kind invitation of Lord Harris of Haringey, The Henry Jackson Society is pleased to invite you to a meeting with Robert J. Shiller. Please RSVP to researchassistant7@henryjacksonsociety.org Please note RSVPs must include your full name and any affiliations including for any guests you wish to bring. We will send a confirmation which will be required to attend the event.

Biography

Robert J. Shiller is Sterling Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management. He received his B.A. from the University of Michigan in 1967 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1972. He has written on financial markets, financial innovation, behavioral economics, macroeconomics, real estate, statistical methods, and on public attitudes, opinions, and moral judgments regarding markets.

His 1989 book Market Volatility (MIT Press) is a mathematical and behavioral analysis of price fluctuations in speculative markets. His 1993 book Macro Markets: Creating Institutions for Managing Society’s Largest Economic Risks (Oxford University Press) (available via subscribing libraries on Oxford Online) proposes a variety of new risk-management contracts, such as futures contracts in national incomes or securities based on real estate that would permit the management of risks to standards of living. His book Irrational Exuberance (Princeton 2000, Broadway Books, 2001; 2nd edition Princeton, 2005; 3rd edition Princeton 2015) is an analysis and explication of speculative bubbles, with special reference to the stock market and real estate. His book The New Financial Order: Risk in the 21st Century (Princeton University Press, 2003) is an analysis of an expanding role of finance, insurance, and public finance in our future. His book Subprime Solution: How the Global Financial Crisis Happened and What to Do about It, published in September 2008 by Princeton University Press, offers an analysis of the housing and economic crisis and a plan of action against it. He co-authored, with George A. Akerlof, Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism published in March 2009 by Princeton University Press.

His book, Finance and the Good Society, was published in April 2012 by Princeton University Press. His repeat-sales home price indices, developed originally with Karl E. Case, are now produced by CoreLogic and published as the S&P/Case-Shiller Home Price Indices.

The Chicago Mercantile Exchange now maintains futures markets based on the S&P/Case-Shiller Indices. He has been research associate, National Bureau of Economic Research since 1980, and has been co-organizer of NBER workshops: on behavioral finance with Richard Thaler since 1991, and on macroeconomics and individual decision making (behavioral macroeconomics) with George Akerlof 1994-2007.

He was awarded the Nobel Prize in Economic Sciences jointly with Eugene Fama and Lars Peter Hansen in 2013.

He served as Vice President of the American Economic Association, 2005 and President of the Eastern Economic Association, 2006-07. He was elected President of the American Economic Association for 2016.

He writes a regular column “Finance in the 21st Century” for Project Syndicate, which publishes around the world, and “Economic View” for The New York Times.