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Freakonomics Radio

EXTRA: People Aren’t Dumb. The World Is Hard. (Update)

Jul 15, 2024
Richard Thaler, a Nobel laureate and pioneer in behavioral economics, shares his journey from unlikely winner to academic influencer. He humorously discusses human irrationality and how small 'nudges' can improve decision-making in finance and charity. Thaler reflects on past economic crises, the impact of behavioral insights on policies, and challenges like Bitcoin skepticism. He also candidly addresses the complexities of life after winning the Nobel Prize, emphasizing that success doesn't shield one from daily struggles.
53:13

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Quick takeaways

  • Richard Thaler revolutionized economics with behavioral insights, transforming retirement saving and government policies.
  • Thaler's skepticism towards Bitcoin underscores the importance of understanding human behavior in financial decision-making.

Deep dives

Richard Thaler and Legacy of Behavioral Economics

Richard Thaler, a Nobel Prize-winning economist, collaborated with psychologists Kahneman and Tversky to pioneer the field of behavioral economics, challenging traditional economic models. Thaler's work led to a transformation in retirement saving plans, emphasizing automatic enrollment and incremental increases. Governments worldwide have embraced Thaler's ideas through 'nudge units' in policy-making.

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