Behavioral Economics Pioneer Thaler Wins Nobel Prize for Economics

The big news Amit Shah’s son files defamation case against news website and 9 other top stories

Mumbai: While the world watched USA economist Richard Thaler win the Nobel prize for economics on Monday, little is known about how the Modi government has been putting his famous "Nudge economics" theory into practice for a while now. Thaler is one of the founding fathers of behavioural economics, a field that shows that people often make irrational decisions, that don't serve their best interests.

The 9-million-kronor ($1.1-million) prize was awarded to the academic for his "understanding the psychology of economics", Swedish Academy of Sciences secretary Goeran Hansson said Monday. If so, you've effectively broken the laws of traditional economics, but you've also confirmed over 40 years of research by American economist Richard Thaler.

And here's how Thaler had welcomed the reports that former RBI governor Raghuram Rajan was all set to rejoin University of Chicago Booth School of Business as a Professor, after completing his term at India's central bank.

Thaler co-authored a book with Harvard's Cass R. Sunstein called "Nudge: Improving Decisions about Health, Wealth, and Happiness". "I no longer will have to call my colleague Eugene Fama "Professor Fama" on the golf course", he joked, referring to his University of Chicago colleague who won the 2013 Nobel Economics Prize.

The head of the Royal Swedish Academy of Sciences says the committees that choose Nobel Prize winners will meet this winter to discuss gender and ethnic diversity issues in the prestigious awards.

The concept has now expanded to the United States and even Australia.

He added that he intends to use the prize money to support further research. Indeed only one women - Elinor Ostrom in 2009 - has won the economics prize to date, and not a single individual women won any Nobel award in 2017.

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