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Nobel in Economics Is Awarded to Richard Thaler

Original story at nytimes.com• 4 mentions • 1 week ago

nytimes.com 1 week ago

 
The economics prize was established in 1968 in memory of Alfred Nobel and is awarded by the Royal Swedish Academy of Sciences. Mainstream economics for much of the 20th century was based on the simplifying assumption that people behaved rationally. Economists understood that this was not literally true, but they argued that it was close enough. Professor Thaler played a central role in arguing that seemingly irrational behavior could not be ignored and that people are not rational even when they try to be. For example, when gas prices decline, classic economics teaches that people will use the savings for ...
 
 
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What they're saying:

09 Oct
ideas42 @ideas42
“In order to do good economics you have to keep in mind that people are human.” Congrats to our advisor @R_Thaler: https://t.co/JsafV66Q9N
09 Oct
Jodi Beggs @jodiecongirl
The original tweet was just the Nobel announcement about Thaler- here, have this article instead... https://t.co/b6cXY8RuHe
09 Oct
Pedro da Costa @pdacosta
"In order to do good economics you have to keep in mind that people are human." https://t.co/1WlWnDdJnD
09 Oct
David Leonhardt @DLeonhardt
RT @hriefs: "Nobel in economics awarded to Richard Thaler is one for non-economists to celebrate." @DLeonhardt https://t.co/F6did23MW0