Monday June 1, 2020

What Paschal Donohoe learned from Richard Thaler

We can’t think carefully about the future and sometimes we’re all just a bit mad. Thaler is one of the fathers of the field of behavioural economics. Today’s budget has all the features Thaler studied.

10th October, 2017
5
Paschal Donohue, minister for finance Pic: RollingNews.ie

Richard Thaler won the Prize in Economic Sciences in Memory of Alfred Nobel.

Thaler won the economics Nobel (and $1 millon) for 40 years of work showing one of the fundamental assumptions about economics—rationality, that we know what is best for ourselves—is wrong.

We don’t always know what’s best for us, we don’t always see the woods for the trees.

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