Phishing for Phools

Phishing—as defined by George A. Akerlof and Robert J. Shiller in their book Phishing for Phools: The Economics of Manipulation and Deception —happens when one economic participant, Party A, knowingly takes economic advantage of another participant, Party B, in a voluntary free market transaction that is specifically harmful to Party B’s financial best interest.   Example: Party A sells cheap knockoffs at inflated prices online. Who … Continue reading Phishing for Phools

Mitigating Greed

Since capital flow (as in: the ways in which money moves through the systems designed for money to move) is blind to ethics, morals, locality, race, attitude, desire, aesthetics, etc., it is our responsibility to instill and impart these ideas when designing systems within which capital flows. From a programming perspective, greed is a vicious malware that has been embedded into society since the dawn … Continue reading Mitigating Greed