55 Richard Thaler Quotes for You to Enjoy

Richard Thaler

American Economist

Born: Sep 12, 1945

Because Good People Think Will You

Related authors: Alan Greenspan Herbert A. Simon John Kenneth Galbraith Milton Friedman Paul A. Volcker Peter Navarro Robert Reich Thomas Sowell

Social Security may be the most beloved of all the government's programs, partly because it requires so little thinking. You pay taxes while you work, then you and your spouse collect until you die. Richard Thaler

Work Government You Pay Thinking Programs Collect Security Most Until Partly Because Spouse Die May While Little Social Taxes Then Requires Your Social Security Beloved

As every successful parent learns, one way to encourage good behavior, from room-cleaning to tooth-brushing, is to make it fun. Not surprisingly, the same principle applies to adults. Adults like to have fun, too. Richard Thaler

Good Have Fun Behavior Every Too Way One-Way Parent Adult Like Make Principle Learns Surprisingly Encourage Same Successful Good Behavior Fun

Traditional economics is based on imaginary creatures sometimes referred to as 'Homo economicus.' I call them Econs for short. Econs are amazingly smart and are free of emotion, distraction or self-control problems. Think Mr. Spock from 'Star Trek.' Richard Thaler

Sometimes Smart Problems Free Economics Think Trek Distraction Emotion Spock Self-Control Call Traditional Amazingly Referred Short Them Star Star Trek Creatures Based Homo Imaginary

In a democracy, if a government creates bad policies, it can be voted out of office. Competition in the private sector, however, can easily work to encourage phishing rather than stifle it. Richard Thaler

Work Government Democracy Competition Sector Easily Out Bad Rather Voted Policies Stifle However Private Encourage Private Sector Than Office Creates

The more we turn down questionable offers like trip insurance and scrutinize 'one month' trials, the less incentive companies will have to use such schemes. Richard Thaler

Trials Will Down Month Trip More Schemes Like Insurance Questionable Offers Turn Scrutinize Use Incentive Less Companies

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

Thinking Would Rational Factors Economists Discount Person Any Influence

Fortunately, economists open to new ways of thinking are finding novel ways to use supposedly irrelevant factors to make the world a better place. Richard Thaler

World Better Thinking Ways Finding Factors Better Place Open New Economists Supposedly Make New Ways Irrelevant Place Use Fortunately Novel

Many problems are so complex that even if we had the money to fix them, we wouldn't know how to do it. Fixing inner-city schools, reducing obesity, creating peace in the Middle East are just a few examples. Richard Thaler

In the world of traditional economics, it shouldn't matter whether you use an opt-in or opt-out system. So long as the costs of registering as a donor or a nondonor are low, the results should be similar. But many findings of behavioral economics show that tiny disparities in such rules can make a big difference. Richard Thaler

You World Matter Long Economics Big Rules System Similar Costs Results Make Big Difference Traditional Behavioral Donor Tiny Difference Whether Low Registering Should Use Show Many

There can be legal conflicts over whether registering intent is enough to qualify you as an organ donor or whether a doctor must still ask your family's permission. Richard Thaler

Family You Legal Doctor Organ Enough Must Over Qualify Permission Still Intent Donor Whether Conflicts Registering Ask Your

Many Americans say they want to be organ donors, but they just don't get around to acting on their intentions. Helping these potential good Samaritans overcome their inertia could prolong thousands of lives a year. Richard Thaler

Claiming that Social Security benefits are safe may sound naive, but my view is actually quite cynical. I believe that as long as the elderly continue to vote in large numbers, no Congress will renege on promised payouts for those already eligible to receive benefits. Richard Thaler

Vote Benefits Will Long Congress Cynical Believe Those Claiming Promised Security Naive Safe Sound Continue Quite May Social Elderly View Large Social Security Social Security Benefits Large Numbers Actually Eligible Receive Numbers

Sunk costs? We pay too much attention to them. Richard Thaler

Too Much Pay Too Sunk Costs Attention Them Much Much Attention

If you're trading individual securities, you're almost certainly making a mistake. Because most professional managers can't outperform their benchmarks, and there's little reason to think that individuals can. Richard Thaler

You Mistake Think Securities Individual Almost Individuals Most Because Making Trading Managers Little Certainly Reason Professional

Don't get trapped by looking at what the price was that you paid for some stock originally. Richard Thaler

You Looking Trapped Some Price Stock Get Paid Originally

Anybody who's ever been in a large organization realizes that 'optimizing' is not a word that would often be used to describe any large organization. The reason is that it's full of people, who are complicated. Richard Thaler

People Complicated Word Organization Would Been Any Often Anybody Full Used Reason Who Large Describe Ever

It's essential that we understand things like the free-rider problem, but we also need to understand that, fortunately, humans are a little nicer than economists give them credit for. Some people actually leave money at roadside fruit stands; some people give money to NPR so we can listen to it. Richard Thaler

Fruit People Problem Money Some People Some Give Roadside Economists Like Also Understand Leave Than Listen Essential Little Them Fortunately Stands Nicer Credit Actually Things Humans Need

My thesis topic was 'The value of a human life.' I asked people a question: 'Suppose you had some risk, a one in a thousand risk of dying - how much would you pay to eliminate it?' Richard Thaler

The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed in standard economic theory. Richard Thaler

Economics Field Lesson Assumed Ways Economic Rational Economic Theory Understand Behavioral Human Differ Which Standard Theory Need

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