Sunday, 17 December, 2017

Nobel Economist Takes a Jab at Trump's Confidence, Knowledge

How Richard H. Thaler's Clear Thinking Led to a Nobel Prize in Economics Nobel prize-winning economist's research into how you make choices could make your life better
Juana Turner | 11 October, 2017, 00:27

Mumbai: While the world watched U.S. economist Richard Thaler win the Nobel prize for economics on Monday, little is known about how the Modi government has been putting his famous "Nudge economics" theory into practice for a while now. The Nobel committee said Thaler has provided a "more realistic analysis of how people think and behave when making economic decisions". Thaler's theory was one valuable addition to the field of behavioural economics.

Demonstrating his sense of humor, when asked at the Nobel news conference what he planned to do with his prize money (about $1.1 million), Thaler said he planned to spend it "as irrationally as possible".

Richard Thaler works as a professor of Behavioral Science and Economics at the University of Chicago.

The academy also cited Thaler's work with Cass Sunstein and their 2008 book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which the idea of "libertarian paternalism" where beneficial changes in behavior can be achieved by "minimally invasive policies" that nudge people to make the right decisions for themselves.

"There's also a nudging unit for the United Kingdom government, there's one for the Australian government, it even affects the Swedish government when they think about these things"'. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will. Of 79 laureates so far, more than a third have been affiliated with the university's school of economics.

The economics prize is something of an outlier - Alfred Nobel's will didn't call for its establishment and it honors a science that many doubt is a science at all.

The concept has now expanded to the United States and even Australia.

The prize was awarded for “understanding the psychology of economics, ” Swedish Academy of Sciences secretary Goeran Hansson said Monday.

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