Gregory Karp

Richard Thaler, Nobel winner from Chicago, fought to get heretical economic theories published

Richard Thaler, Nobel winner from Chicago, fought to get heretical economic theories published

If there's one thing to know about world-renowned behavioral economist Richard Thaler, it's that he's human.

Just as important? He thinks you are too. And that's more profound than it seems.

Economic theory long held that consumers behave like smart robots, always making rational and logical decisions. But as Thaler began observing more than 30 years ago, that's not what happens in real life. Instead, humans make irrational decisions in systematically warped ways, time and again, for the same reasons.

His insertion of human psychology into the hard-core mathematical field of economics was once so heretical that Thaler couldn't even get his ideas published.

But it...

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