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Not dead yet

October 10, 2017

It’s a bit optimistic to say that Richard Thaler, and all the other behavioral economists combined, have killed homo economicus. The goal is good. It needs killing. Economists and policy makers should keep in mind real behavior:

I try to teach people to make fewer mistakes. But in designing economic policies, we need to take full account of the fact that people are busy, they’re absent-minded, they’re lazy and that we should try to make things as easy for them as possible.

The problem is that economics is a profession built on tradition. And tradition dies hard. It will take some more pounding of that stake to kill the monster.

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