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

Behavioral economics offers a plausible explanation for overreactions by the market. For example, a long period of bad performance can lead to stereotyping. Richard Thaler

Example Long Economics Market Bad Bad Performance Long Period Lead Performance Stereotyping For Example Period Offers Behavioral Explanation Plausible

The lesson for businesses is you are dealing with real people. Those are your customers, those are your employees, those are your bosses, and the better you understand how real people tick, the more successfully you will be able to accomplish your goals. Richard Thaler

In some ways, the finding that financial education doesn't provide long-term payoffs is hardly surprising. After all, how much do you remember from your high school chemistry class? Unless you use chemistry at work, you probably don't recall much about ionic bonding. Richard Thaler

Work Education You Class Financial Remember School Chemistry Unless Ways High Finding Some High School About Long-Term How How Much Provide Surprising After Much Use Your Recall Hardly Bonding

Academia does not provide many opportunities for immediate gratification. You work for two years on a project, it takes two more years to get it published, and then you start hoping someone might read it. Richard Thaler

Here is a guiding principle: If a business collects data on consumers electronically, it should provide them with a version of that data that is easy to download and export to another Web site. Richard Thaler

Business Guiding Easy Web Web Site Data Consumers Principle Another Provide Version Site Them Should Export Download Here

If the government can manage to collect and release personal information in a secure and useful way, so can private companies, which will empower consumers to become better shoppers. Richard Thaler

Government Better Will Become Way Release Secure Collect Consumers Empower Private Manage Personal Personal Information Information Which Useful Companies

The ability of businesses to monitor our behavior is already a fact of life, and it isn't going away. Of course we must protect our privacy rights. But if we're smart, we'll also use the data that is being collected to improve our own lives. Richard Thaler

Life Privacy Rights Smart Behavior Own Our Collected Must Ability Data Fact Protect Also Course Improve Going Going Away Being Use Businesses Away Lives Monitor

Although the United States cannot unilaterally lower the price of oil, it can reduce its consumption by using oil more efficiently and by developing alternative sources of fuel. Richard Thaler

States More Price Consumption Developing Alternative Although Reduce Sources Efficiently Oil Cannot Fuel Lower Using United United States

As a general rule, the United States government is run by lawyers who occasionally take advice from economists. Others interested in helping the lawyers out need not apply. Richard Thaler

If you want to encourage some activity, make it easy. Richard Thaler

You Easy Some Make Encourage Want Activity

Morality aside, there are other factors deterring 'strategic defaults,' whether in recourse or nonrecourse states. These include the economic and emotional costs of giving up one's home and moving, the perceived social stigma of defaulting, and a serious hit to a borrower's credit rating. Richard Thaler

Home Giving Giving Up Other States Borrower Perceived Morality Rating Costs Economic Recourse Factors Emotional Stigma Up Hit Whether Moving Social Aside Strategic Include Serious Credit Credit Rating

It's hard to have any idea of how much money is enough to finance an appropriate lifestyle in retirement. But if a lump sum is translated into a monthly income, it's much easier to determine whether you have enough put away to afford to stop working. Richard Thaler

Finance You Money Enough Sum Appropriate Monthly Easier Determine Lifestyle Put Idea Retirement How How Much How Much Money Afford Any Stop Whether Translated Much Working Hard Income Away Lump

It makes sense for social scientists to become more involved in policy because many of society's most challenging problems are, in essence, behavioral. Richard Thaler

Problems Become Sense Society More Most Involved Policy Because Makes Scientists Behavioral Essence Social Many Challenging

There's a reason why start-ups, especially disruptive start-ups - like Google or Amazon or Uber - are full of young people. That's because young people are not as wedded to the old fashioned ways of doing things. Richard Thaler

People Old Google Young Ways Like Because Doing Amazon Young People Full Reason Old-Fashioned Why Things Disruptive

I am all for trying to teach household finance in schools, starting as early as possible. And when it comes to high school, I think learning about compound interest is at least as important as trigonometry or memorizing the names of all 50 state capitals. Richard Thaler

When it comes to my health, I would rather my doctor base her decisions on science rather than what she, or some lawyer, thinks will stand up in court. Richard Thaler

Health Science Doctor Will Lawyer Would Some Rather She Court Up Than Decisions Stand Stand Up Base Her Thinks

It is true that I am one of the co-authors of 'Nudge,' and I am a behavioral economist, but it does not mean that everything we write about in that book is behavioral economics, nor does it mean that my co-author, the distinguished legal scholar Cass Sunstein, is a behavioral economist. Richard Thaler

Legal Book Economics Everything Distinguished About Write Scholar True Economist Does Am Nor Behavioral Mean

The government employs scientists of many varieties in technical capacities, from estimating the environmental toxicity of a chemical to the structural soundness of a bridge. But when it comes to forming policies, these scientists and, especially, behavioral scientists are rarely at the table with the lawyers and the economists. Richard Thaler

Environmental Government Table Rarely Structural Lawyers Economists Employs Policies Chemical Scientists Behavioral Forming Capacities Many Bridge Technical

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