US economist Richard Thaler wins Economics Nobel

US economist Richard Thaler wins Economics Nobel: The Nobel economics prize has been awarded to Richard Thaler of the University of Chicago...



RELEVANCE OF "NUDGE"


Nobel prize to Richard Thaler is, in a way, an effort to bring back the focus of economic research to its relevance to the masses. The recent times had brought economics and economists to disrepute because of a temporary diversion to jargon and an undeclared competition among economists on who will speak last on inflation, GDP and economic growth. The ultimate objective of economic research which is bringing maximum benefit to maximum people with available resources was somehow forgotten.
The book “Nudge: Improving Decisions about Health, Wealth and Happiness” which Thaler co-authored with Professor Cass Sunstein published in 2008/9 will now attract more readers, hopefully. Prize money may not mean much to Thaler, at this age (He is 72). But the audience he will attract in the coming years will become conduits for transmission of changes in policy, beneficial to society.
Some say, his theories on behavioral economics are already being experimented in India. Notwithstanding the veracity of this line of thinking, thanks to the revolution in communication, ideas are traveling faster than light these days.
If the good work done by Thaler now being ‘showcased’ by Swedish Academy influences government policy and society’s approach to wealth and its distribution Richard Thaler will get a place in world history much higher than those occupied by many of his predecessors in the field he is active now.
M G Warrier, Mumbai



Comments

Unknown said…
Not being an Economist, i knew nothing about Dr Thelar's theories. Yesterday I read an article by Pramit Bhattacharya in Mint. I now understand that what Thelar says has much relevance to the common person like me. R.P. Donde
October 10, 2017 at 8:28 PM
Unknown said…
Not being an Economist, i knew nothing about Dr Thelar's theories. Yesterday I read an article by Pramit Bhattacharya in Mint. I now understand that what Thelar says has much relevance to the common person like me. R.P. Donde
October 10, 2017 at 8:28 PM
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