Richard Thaler wins the 2017 economics Nobel

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017 to

Richard H. Thaler
University of Chicago, IL, USA

“for his contributions to behavioural economics”.

Press Release.

Popular information.

Scientific Background.

This entry was posted in Economics and economy. Bookmark the permalink.

17 Responses to Richard Thaler wins the 2017 economics Nobel

  1. Procrustes

    I can’t say that he hasn’t been influential but this is a prize for one of the biggest wrong turns in microeconomics.

  2. So he got the prize for writing that the government should tax cigarettes and beer to pay for free University educations so that the youth grow up to be good rational socialists. Or am I just too bloody simplistic.

  3. Herodotus

    I liked the bit where he said he’d spend the Nobel prize money irrationally.

  4. Jumpnmcar

    He helps me more understand the irrationality of Keynesian stimulus.

  5. manalive

    The ‘popular information’ document is full of “we must” “we can” “we tend” “we use”, “our plans” “our minds” “our decisions” “our perceptions” etc., the nosisms that popular psychologists and social researchers like Hugh Mackay apparently find useful but are just plain irritating.

  6. Climatologists use $100m computers to model the Earths climate and still fail dismally.
    This wanker is trying to model human behaviour and so will also fail dismally. Fitting for his trade.

  7. Econocrat

    Individuals’ decision making is flawed; therefore substitute individuals’ free choice with government decision making.

  8. BoyfromTottenham

    IMO this is just the latest example of the decay into irrelevance of the Nobel Prize Committee and its awards.

  9. Fleeced

    People make irrational decisions with their own money… we should make decisions about other people’s money instead.

    Good luck with that.

  10. Tel

    … the nosisms that popular psychologists and social researchers like Hugh Mackay apparently find useful but are just plain irritating.

    “Arrogant” is the word you were looking for.

    Nudge, nudge, wink, wink. Say no more my friend.

  11. Empire

    In many situations, the planning self needs help to withstand temptation. Such considerations are behind many countries’ restrictions on alcohol and drugs, but in other contexts such restrictions are regarded as too far-reaching. Research in behavioural economics can be used by politicians and other decision-makers to design alternatives that provide benefits to society. Richard Thaler and Cass Sunstein have argued that, in more areas, both public and private institutions should actively (but with maintained freedom of choice) try to nudge individuals in the right direction. Among other things, this has led to the introduction of nudge units in several countries, including the UK and the USA, agencies that aim to reform public administration through the use of behavioural economic insights.

    Behavioural economics is as much loved by big government conservatives as socialists.

    Apparently policy advisers to the Treasurer, though not being in possession of the same information as individual consumers, are able to determine if people are transacting rationally. Then it’s simply a matter of combining the obvious public good with an old fashioned Bernays style propaganda campaign and voilà, society fixed again by unelected experts with a generous serve of OPM.

    Behavioural economics – welcome to the dark arts of public corruption.

  12. H B Bear

    He he. Just as well the Cat doesn’t sit on the Nobel committee eh?

  13. egg_

    Ja caught it un der 6 a.m. AEDT Deutsche Welle mit Schwarzen Presenter, mach schnell!

    Hardly a peep from Aunty Breakfahren Neu netwerken hinter.

  14. egg_

    Behavioural economics

    2 soft ‘sciences’ – trumps da Klimate Changers.

  15. egg_

    Climatologists use $100m computers to model the Earths climate and still fail dismally.

    Do they use ‘flat Earth’ models?

  16. max

    “too clever by half”

    Thaler and Sunstein argue that because people behave “irrationally”, governments may intervene by “nudging” people, gently, in the right direction.

    One obvious problem is that the actors who design and implement the behavioral nudges are themselves “irrational,” like all human actors, so why would we expect the nudges to improve social outcomes?

    Nudge was a huge hit in governments around the world.
    Sunstein become President Barack Obama’s regulation czar.
    The UK government set up a ‘Behavioural Insights Team’ (‘nudge unit’), and similar approaches have been tried in France, Brazil, Australia and New Zealand.

  17. Jumpnmcar

    If One spends Ones own money irrationally, how irrational would One spend someOne else’s money ?
    More so it seems.

Comments are closed.