Economists Do It With Models

freelunchrighthere:

Richard Thaler discusses his task in the British government’s Behavioral Insights Team to “make life easier” for Britons. He also addresses concerns that governments could use his theories to “manipulate” the citizenry. 

Thaler, along with his colleague Cass Sunstein, co-wrote Nudge, a monumental book suggesting behavioral economics could be used to nudge people to make better decisions. The British government took to the ideas and established a Nudge task force to try these insights in the real world.