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Richard Thaler Quotes

American - Economist | September 12, 1945 -

Everyone knows it's dangerous to ingest gasoline or to inhale its fumes. But I am starting to believe that merely thinking about the price of gasoline can damage cognitive processing.

I Am Believe Thinking Dangerous

In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.

Smart Writing Economics Behavior

It is true that I am one of the co-authors of 'Nudge,' and I am a behavioral economist, but it does not mean that everything we write about in that book is behavioral economics, nor does it mean that my co-author, the distinguished legal scholar Cass Sunstein, is a behavioral economist.

I Am Economics Book Legal True Mean

The lesson for businesses is you are dealing with real people. Those are your customers, those are your employees, those are your bosses, and the better you understand how real people tick, the more successfully you will be able to accomplish your goals.

Goals People Better Employees You

The sad truth is that many behavioral economists know very little about psychology.

Truth Sad Truth Is Know Psychology

Economists discount any factors that would not influence the thinking of a rational person.

Influence Thinking Person Economists

Tax cuts are one of many ways to stimulate the economy. Building infrastructure, for example, is another.

Building Tax Economy Example Many

The government employs scientists of many varieties in technical capacities, from estimating the environmental toxicity of a chemical to the structural soundness of a bridge. But when it comes to forming policies, these scientists and, especially, behavioral scientists are rarely at the table with the lawyers and the economists.

Government Environmental Bridge Table

Real people have trouble balancing their checkbooks, much less calculating how much they need to save for retirement; they sometimes binge on food, drink, or high-definition televisions. They are more like Homer Simpson than Mr. Spock.

Food People Retirement Trouble Need

Signing up to be an organ donor should be at least as easy as downloading a song to your iPhone.

Song Easy iPhone Up Your Signing

'Fun money' is another thing that makes no sense to traditional economists. Because there's just money; there's no 'fun money.' It's all supposed to be the same.

Money Fun No Sense Same Economists

If you want to encourage some activity, make it easy.

Easy You Want Activity Encourage

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