Today I gave George Akerlof and Robert Shiller’s last book one more chance.[1] As the book provides myriad examples of manipulation and deception in all sorts of markets, I looked for trickery in markets having to do with ecology, environment, greenery, sustainable development, and the like. This is where manipulation and deception are rife already, but where they will only grow in the years to come. The more calamitous climate change and environmental degradation become, the more supposedly green products and services will be on offer. Given that nobody can tell what is actually green and what is not, greenwashing will reach ever-greater heights. In the end, the only remaining choice will be between products and services that are green, greener, and greenest. At any rate, I went through the whole book, including the copious endnotes,[2] bibliography,[3] and index,[4] but found not a word about greenery. Surprise, surprise. Simply put, the most important instance of the economics of manipulation and deception of our times has been skipped altogether by the two Nobel laureates. I wonder who will pick it up after them, for greenwashing for phools will take quite some guts to investigate. And especially when the shit hits the fan.

Footnote

1. Phishing for Phools: The Economics of Manipulation and Deception, Princeton and Oxford: Princeton University Press, 2015.

2. Op. cit., pp. 181-232.

3. Op. cit., pp. 233-256.

4. Op. cit., pp. 257-272.