So many students today tell me they plan to major in economics–and so few can tell me anything about what’s new in economics today! So quick, now: Who won the Nobel Prize in Economic Sciences for 2017? And why should you care?
It’s on amazon.com at: http://bit.ly/ThalerMisbehaving
Purchase the audio version and listen to it on the schoolbus!
Professor Richard H. Taylor of the University of Chicago Booth School of Business was awarded the Nobel Prize for his work establishing the field of behavioral economics.
What is behavioral economics? It’s a school of thought that goes against the reigning paradigm that assumes that people behave rationally when making economic decisions. Behavioral economics looks at actual human decision-making and finds it far from rational. Instead, it is, as the title of a book by another economist, Dan Ariely, has it, “predictably irrational.”
Why should you care? Well, if you are planning to major in economics, I hope you have some idea what you are getting into! When the University of Chicago, among others, asks what books you have read lately beyond what you were assigned in school, I hope you can name a few that are changing how we think about the world today. You might start with Richard H. Thaler’s Misbehaving. His earlier work, Nudge, is also a good read.
Behavioral economics has been popularized by journalists, but why not learn about it from a Nobel Prize winner?
Want to be a part of today’s world? Read!
Dr. Marlena Corcoran
Founder and CEO