Thaler's contribution: Saving Economics from Economists

Letters: Thaler's contribution: The book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which Thaler co-authored with Cass R Sunstein in 2008, will now attract more readers...



Business Standard, October 11, 2017


 Letters

Thaler's contribution

With reference to the editorial, “A Nobel ‘nudge’” (October 10), awarding Richard Thaler the Economics Nobel is, in a way, an effort to bring back the focus of economic research on its relevance to the masses. In recent times, economics and economists have come into disrepute because of relying on jargon and an undeclared competition among their ilk on who will speak last on inflation, gross domestic product and economic growth. The ultimate objective of economic research — bringing the most benefit to the largest number of people with available resources — was forgotten.
The book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which Thaler co-authored with Cass R Sunstein in 2008, will now attract more readers. The Nobel Prize money may not mean much to Thaler at this age — he is 72. But the audience he will attract in the years ahead will become conduits for transmission of changes in policy that is beneficial to society. 
Some say his theories on behavioural economics are already being experimented with in India. Notwithstanding the veracity of this line of thinking, a revolution in communication means ideas are travelling faster these days. If the work done by Thaler, which is now being showcased by the Royal Swedish Academy of Sciences, influences government policy and society’s approach to wealth and its distribution, he will earn a place in world history much higher than those occupied by several of his predecessors.


M G Warrier,   Mumbai

Comments

Post a Comment

Popular posts from this blog

NAVAGRAHA STOTRAM

NAVAGRAHA STOTRAM* According to astrology, the positions of the nine planets in the twelve constellations of the zodiac and their movements are considered to be quite significant. The nine planets ‘Navagraha’ affect every aspect of human life. They play an important role in the activities, physical and mental health and life of any individual. The unfavorable positioning of any of these planets can be the cause of problems, bad health, and stagnation for many people. However, there is a solution to avoid the ill effects of the position and movement of the ‘Navagraha’ in our lives. Navagraha mantras (or stotram) are simple mantras which work as powerful healing tools to reduce the negative effects of any of the nine planets. These mantras are Hindu holy hymn addressing the nine planets. Benefits Of Navagraha Stotram And The Way to Practice The Navagraha Stotram is written b y Rishi Vyasa and is considered to be the peace mantra for the nine planets. They are powerful m
Read more

THE SUNSET OF THE CENTURY

*SUNSET OF THE CENTURY: Rabindranath Tagore THE LAST SUN OF THE CENTURY SETS AMIDST THE BLOOD-RED COLOURS OF THE WEST AND THE WHIRLWIND OF HATRED. THE NAKED PASSION OF SELF-LOVE OF NATIONS IN ITS DRUNKEN DELIRIUM OF GREED IS DANCING TO THE CLASH OF STEEL AND THE HOWLING VERSES OF VENGEANCE. THE HUNGRY SELF OF THE NATION SHALL BURST IN A VIOLENCE OF FURY FROM ITS OWNSHAMELESS FEEDING FOR IT HAS MADE THE WORLDITS FOOD, AND LICKING IT, CRUNCHING IT AND SWALLOWING IT IN BIG MORSELS, IT SWELLS AND SWELLS TILL IN THE MIDST OF ITS UNHOLY FEAST DESCENDS THE SUDDEN HEAVEN PIERCING ITS HEART OF GROSSNESS…   *Note: “The Sunset of the Century”, translated by the poet, from Naivedya; The English Writings of   Rabindranathtagore, Volume II,Delhi 1996, page 466. Quoted in his article ‘Critiquing nationalism’ by K Satchidanandan (Frontline, November 14, 2014). The article takes you to a much broader spectrum. HAPPY READING(READ MORE STAN
Read more

The King of Ragas: Sankarabharanam

                       The King of Ragas                      --------------------------     Long ago  serpents were put to lot of hardships.They  were afraid of other animals. They had to seek refuge in the hermitage of sage Saraba.The sage was a true devotee of Lord Shiva.He used to pray Shiva with melodious songs. As he sang a particular raga the snakes were much inspired and they began to dance,. Slowly the serpents became friendly with the sage. They brought water in their mouths for the pooja.They secreted  a special fluid in which the flowers got stuck to their bodies.The sage was much astonished by the service of the snakes.As the sarpas became very close to the sage ,they requested him to help having Darsan of Lord Siva. As requested by the sage Shiva appeared in the form of  a  Kapalika and stayed in the ashram.The music and dance of the snakes continued. The snakes rendered service to the kapalika as they considered him  a Shiva bhakta.Shiva was much pleased with t
Read more