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" 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
Place
Finding
Better
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" People make just as many mistakes when the stakes go up, maybe more. "
Richard Thaler
Just
Go
Mistakes
" Real people have trouble balancing their checkbooks, much less calculating how much they need to save for retirement; they sometimes binge on food, drink, or high-definition televisions. They are more like Homer Simpson than Mr. Spock. "
Richard Thaler
Need
Retirement
Trouble
" The good thing I will say about the Chicago School is that it was always about the world, not about the abstract. "
Richard Thaler
Say
Good
Chicago
" 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
" We could all use more coaching. "
Richard Thaler
More
Could
Coaching
" We humans actually need help controlling our impulses - nudges. "
Richard Thaler
Humans
Our
Need
" 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
" 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
" For many people, being asked to solve their own retirement savings problems is like being asked to build their own cars. "
Richard Thaler
Build
People
Problems
" One of society's thorniest problems is that children from poor families start school lagging badly behind their more affluent classmates in readiness. "
Richard Thaler
Children
Society
School
" Companies are accumulating vast amounts of information about your likes and dislikes. But they are doing this not only because you're interesting. The more they know, the more money they can make. "
Richard Thaler
Interesting
Information
Money
" We behavioralists differ from our more traditional brethren in the way we characterize agents in the economy. "
Richard Thaler
Our
Economy
Way
" 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
" The Nobel Prize is going to be 'fun money' - for an occasion, when my wife and I want a $50 bottle of wine. "
Richard Thaler
Want
Wife
Wine
" 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
Someone
You
Opportunities
" Tax cuts are one of many ways to stimulate the economy. Building infrastructure, for example, is another. "
Richard Thaler
Ways
Tax
Economy
" 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
Book
Economics
True
" Even a mother - Jewish or not - can't worry about everything. So it is important that we limit our worries to real as opposed to imaginary risks. "
Richard Thaler
Risks
Limit
Important
" If no estate tax is imposed, capital gains taxes can be avoided indefinitely. "
Richard Thaler
Estate
Taxes
Capital
" 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
World
Economics
You
" For amateur golfers, I think one of the biggest mistakes is to model their play on professionals. "
Richard Thaler
I Think
Model
Play
" 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
Moving
Home
Giving Up
" 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
" 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
Doing
Young
Reason
" A nudge is some feature of the environment that changes the behaviour of humans but would not change the behaviour of rational economic agents, what we call Econs. "
Richard Thaler
Economic
Environment
Changes
" I practice what has come to be called behavioral economics. "
Richard Thaler
Come
Economics
Behavioral
" 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
" 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
Education
Financial
Work
" 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
Acting
Good
Say
" I don't think it says anywhere in the Bible that tithing should be calculated on a before-tax basis. "
Richard Thaler
Think
Calculated
Bible