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" 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
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" The sad truth is that many behavioral economists know very little about psychology. "
Richard Thaler
Truth Is
Know
Psychology
" 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
" As both a consumer and producer of newspaper articles, I have no beef with pay walls. But before signing up, I read the fine print. "
Richard Thaler
Pay
Producer
Walls
" 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
Decisions
Lawyer
Science
" 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
" Most of us think that we are 'better than average' in most things. We are also 'miscalibrated,' meaning that our sense of the probability of events doesn't line up with reality. When we say we are sure about a certain fact, for example, we may well be right only half the time. "
Richard Thaler
Better
Think
Reality
" 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
Parent
Have Fun
" Tax cuts are one of many ways to stimulate the economy. Building infrastructure, for example, is another. "
Richard Thaler
Ways
Tax
Economy
" 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
" 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
Lawyers
Government
Advice
" 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
Money
You
Enough
" 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
" I practice what has come to be called behavioral economics. "
Richard Thaler
Come
Economics
Behavioral
" 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
Know
Problems
Money
" 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
" We humans actually need help controlling our impulses - nudges. "
Richard Thaler
Humans
Our
Need
" 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
" If we think that high marginal tax rates are bad because they distort incentives, the same is then true for tax subsidies. "
Richard Thaler
Same
High
Bad
" 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
Security
Work
Thinking
" 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
" Payroll savings plans are vital because they are essentially the only way that middle-class Americans reliably save for retirement. "
Richard Thaler
Retirement
Plans
Way
" The wealth in many large estates has never been taxed because it is largely in the form of unrealized - therefore untaxed - capital gains. "
Richard Thaler
Large
Wealth
Never
" The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists. "
Richard Thaler
Demand
Price
Two
" 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
Learning
School
Think
" Doctors and hospitals should be paid for keeping their patients well. Paying them for doing more tests and surgeries creates bad incentives. "
Richard Thaler
Paid
More
Doing
" Parents want their children to excel, callers to a victims' hot line want help, and sick people want to get well. Offering aids is like providing an alarm clock: it may help people get to an appointment on time, but no one is forcing them to use it. "
Richard Thaler
Parents
Children
People
" Leaders are important but not omnipotent. "
Richard Thaler
Leaders
Omnipotent
Important
" 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
View
Believe
Vote
" In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans. "
Richard Thaler
Smart
Economics
Writing