Freakonomics Radio 474. All You Need Is Nudge
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Sep 9, 2021 Richard Thaler, a Nobel Prize-winning economics professor at the University of Chicago and co-author of "Nudge," explores the evolution of behavioral economics. He discusses the enduring relevance of nudging in light of global crises like financial meltdowns and pandemics. Thaler delves into the ethics of organ donation systems, innovative nudges to improve female labor participation, and the impact of major tech companies on social support disparities. With insightful humor, he emphasizes how small changes in choice architecture can lead to significant behavioral shifts.
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Choice Architecture
- Nudge theory revolves around "choice architecture", the design of environments where people make decisions.
- It uses subtle interventions to guide choices without restricting options or changing economic incentives significantly.
Libertarian Paternalism
- Richard Thaler coined the term "libertarian paternalism" to describe nudging, a seemingly contradictory phrase.
- The term acknowledges the influence of choice architecture while respecting freedom of choice.
Presumed Consent
- Many misinterpret presumed consent for organ donation, thinking it grants the state automatic rights to organs.
- "Soft presumed consent" still involves family consultation, and non-opt-out doesn't guarantee organ donation.
