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" Pundits are no better at forecasting election outcomes than they would be at predicting the final path of a hurricane. Smart pundits should consider either abandoning this activity or consulting with the geeks before rendering their guesses. "

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" 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

" 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

" 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. "

" 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. "

" Countries all around the world, starting with the U.K., have started behavioural insight teams, often referred to as nudge units. And they seem to be doing lots of good. "

" I practice what has come to be called behavioral economics. "

" The Nobel Prize is going to be 'fun money' - for an occasion, when my wife and I want a $50 bottle of wine. "

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

" I don't think it says anywhere in the Bible that tithing should be calculated on a before-tax basis. "

" 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. "

" 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. "

" 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. "

" Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy. "

" I think behavioral economists don't have any more of an explanation about the rise of Trump than anyone else. "

Richard Thaler

Economists

I Think

" You can't make evidence-based policy decisions without evidence. "

" 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. "

" 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. "

" The good thing I will say about the Chicago School is that it was always about the world, not about the abstract. "

" 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. "

" 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. "

" 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. "

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

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

" 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. "

" 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. "

" If you want to encourage some activity, make it easy. "

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

" Tax cuts are one of many ways to stimulate the economy. Building infrastructure, for example, is another. "

" 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. "

" 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