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" 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. "
Richard Thaler
Know
Home
Enough
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" The lesson for businesses is you are dealing with real people. Those are your customers, those are your employees, those are your bosses, and the better you understand how real people tick, the more successfully you will be able to accomplish your goals. "
Richard Thaler
Employees
You
People
" 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
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Mistakes
" We all need a lot of humility, and especially about the economy. "
Richard Thaler
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Lot
" For amateur golfers, I think one of the biggest mistakes is to model their play on professionals. "
Richard Thaler
I Think
Model
Play
" Coining a term is not the same as creating a field! "
Richard Thaler
Term
Creating
Field
" 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
" 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
" 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
" 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
" 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
" 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
" God did not say that you should be able to borrow one hundred percent of the price of a house. "
Richard Thaler
Percent
You
God
" Tax cuts are one of many ways to stimulate the economy. Building infrastructure, for example, is another. "
Richard Thaler
Ways
Tax
Economy
" 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. "
Richard Thaler
You
Professional
Think
" 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
" 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
" Shopping for an annuity with hundreds of thousands of dollars at stake can be daunting, even for an economist. "
Richard Thaler
Dollars
Shopping
Even
" 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
" Sunk costs? We pay too much attention to them. "
Richard Thaler
Much
Costs
Attention
" You can't make evidence-based policy decisions without evidence. "
Richard Thaler
Evidence
Make
You
" 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
" 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
" People make just as many mistakes when the stakes go up, maybe more. "
Richard Thaler
Just
Go
Mistakes
" When it comes to assessing the chances of some complicated combination of events, gut feelings are pretty much useless. "
Richard Thaler
Useless
Events
Feelings
" 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
" 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
" If no estate tax is imposed, capital gains taxes can be avoided indefinitely. "
Richard Thaler
Estate
Taxes
Capital
" 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
" 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
" Economists discount any factors that would not influence the thinking of a rational person. "
Richard Thaler
Person
Influence
Thinking