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" For amateur golfers, I think one of the biggest mistakes is to model their play on professionals. "
Richard Thaler
I Think
Model
Play
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" 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. "
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Privacy
" Demanding that the rich get a tax cut as a condition for tax relief for others is simply elitist. "
Richard Thaler
Others
Relief
Rich
" The sad truth is that many behavioral economists know very little about psychology. "
Richard Thaler
Truth Is
Know
Psychology
" If you're not putting enough away for emergencies or retirement, making commitments in advance, such as signing up for payroll withholding, can help. "
Richard Thaler
Retirement
Up
You
" How can government reduce the frequency and the severity of future catastrophes? Companies that have the potential to create significant harm must be required to pay for the costs they inflict, either before or after the fact. Economists agree on this general approach. The problem is in putting such a policy into effect. "
Richard Thaler
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" Leaders are important but not omnipotent. "
Richard Thaler
Leaders
Omnipotent
Important
" 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
Government
Democracy
Work
" 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
Fuel
Price
United States
" 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
People
Life
Dying
" High school seniors should receive help in how to think about a student loan and how to make sure that the education bought with the loan offers good prospects for repayment. "
Richard Thaler
Think
School
Good
" You can't make evidence-based policy decisions without evidence. "
Richard Thaler
Evidence
Make
You
" 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. "
Richard Thaler
Need
People
Mistakes
" If governments want to encourage good citizenship, they should try making the desired behavior more fun. "
Richard Thaler
Good
Behavior
Citizenship
" The main thing that you learn in grad school, or should learn, is how to think like an economist. The rest is just math. "
Richard Thaler
Think
Like
School
" Tax cuts are one of many ways to stimulate the economy. Building infrastructure, for example, is another. "
Richard Thaler
Ways
Tax
Economy
" I think behavioral economists don't have any more of an explanation about the rise of Trump than anyone else. "
Richard Thaler
More
Economists
I Think
" Arthur Laffer's idea, that lowering taxes could increase revenues, was logically correct. If tax rates are high enough, then people will go to such lengths to avoid them that cutting taxes can increase revenues. What he was wrong about was in thinking that income tax rates were already so high in the 1970s that cutting them would raise revenues. "
Richard Thaler
Wrong
Go
People
" The voting public is not very good at attributing credit and blame to presidents. They get too much credit when things go well and too much blame when things go badly. The same applies to coaches, C.E.O.'s, parents, and anyone else in charge. "
Richard Thaler
Blame
Credit
Go
" We humans actually need help controlling our impulses - nudges. "
Richard Thaler
Humans
Our
Need
" Signing up to be an organ donor should be at least as easy as downloading a song to your iPhone. "
Richard Thaler
Should
Song
iPhone
" Economists discount any factors that would not influence the thinking of a rational person. "
Richard Thaler
Person
Influence
Thinking
" Tort reform is a complicated subject and not a panacea. "
Richard Thaler
Reform
Subject
Panacea
" I practice what has come to be called behavioral economics. "
Richard Thaler
Come
Economics
Behavioral
" Everyone knows it's dangerous to ingest gasoline or to inhale its fumes. But I am starting to believe that merely thinking about the price of gasoline can damage cognitive processing. "
Richard Thaler
Thinking
I Am
Dangerous
" We should at least make sure that patients are given the opportunity to opt out of spending their final days in a hospital, hooked up to tubes and running up enormous bills. "
Richard Thaler
Days
Hospital
Opportunity
" 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
Society
Become
More
" It's not that we can predict bubbles - if we could, we would be rich. But we can certainly have a bubble warning system. "
Richard Thaler
Bubbles
Bubble
Warning
" If there is one thing that most economists agree about in the realm of tax policy, it is that it's best to broaden the base of any tax, all else being equal. That means minimizing the number of deductions and exclusions from taxable income in order to lower marginal rates and reduce distortions. "
Richard Thaler
Number
Tax
Best
" The tradition of Chicago price theory is a good one, and it is a low-tech methodology that tries to apply simple economic theory to the world. "
Richard Thaler
Simple
Chicago
Tradition
" 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
Empower
Better
Information