Get QuoteDark Inspirational Quotes App

" 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

Related Quotes:

" Economists discount any factors that would not influence the thinking of a rational person. "

" The more we turn down questionable offers like trip insurance and scrutinize 'one month' trials, the less incentive companies will have to use such schemes. "

" People are less likely to think it's immoral to walk away from their home if they know others who have done so. And if enough people do it, the stigma begins to erode. "

" Shopping for an annuity with hundreds of thousands of dollars at stake can be daunting, even for an economist. "

" 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. "

" 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. "

" We all need a lot of humility, and especially about the economy. "

" 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. "

" 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. "

" Payroll savings plans are vital because they are essentially the only way that middle-class Americans reliably save for retirement. "

" 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. "

" Demanding that the rich get a tax cut as a condition for tax relief for others is simply elitist. "

" One of society's thorniest problems is that children from poor families start school lagging badly behind their more affluent classmates in readiness. "

" 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. "

" 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. "

" 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. "

" Tort reform is a complicated subject and not a panacea. "

" If governments want to encourage good citizenship, they should try making the desired behavior more fun. "

" 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

School

" If we think that high marginal tax rates are bad because they distort incentives, the same is then true for tax subsidies. "

" It's not that we can predict bubbles - if we could, we would be rich. But we can certainly have a bubble warning system. "

" 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. "

" 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. "

" The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists. "

" Coining a term is not the same as creating a field! "

" 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

People

" I have an agent, John Brockman, who is an agent to many academic authors like Dan Gilbert and Steven Pinker, and he's very good at conning academics into writing books. He pulled this trick on me. "

Richard Thaler

Writing

" We could all use more coaching. "

Richard Thaler

Could

Coaching

" 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

You

" If you're trading individual securities, you're almost certainly making a mistake. Because most professional managers can't outperform their benchmarks, and there's little reason to think that individuals can. "