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" Tax cuts are one of many ways to stimulate the economy. Building infrastructure, for example, is another. "
Richard Thaler
Ways
Tax
Economy
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" If no estate tax is imposed, capital gains taxes can be avoided indefinitely. "
Richard Thaler
Estate
Taxes
Capital
" If governments want to encourage good citizenship, they should try making the desired behavior more fun. "
Richard Thaler
Good
Behavior
Citizenship
" 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 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
" 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
" 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
" 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
" The ability of businesses to monitor our behavior is already a fact of life, and it isn't going away. Of course we must protect our privacy rights. But if we're smart, we'll also use the data that is being collected to improve our own lives. "
Richard Thaler
Behavior
Smart
Privacy
" 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
" Don't get trapped by looking at what the price was that you paid for some stock originally. "
Richard Thaler
Trapped
Paid
Looking
" 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
" 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
" 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
" For amateur golfers, I think one of the biggest mistakes is to model their play on professionals. "
Richard Thaler
I Think
Model
Play
" 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
" We all need a lot of humility, and especially about the economy. "
Richard Thaler
Economy
Humility
Lot
" 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
" 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
More
" 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
" Coining a term is not the same as creating a field! "
Richard Thaler
Term
Creating
Field
" One reason for high health care costs is that patients fail to follow their treatment regimen. "
Richard Thaler
Reason
Follow
Fail
" Tort reform is a complicated subject and not a panacea. "
Richard Thaler
Reform
Subject
Panacea
" 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
" When employees are first eligible for a retirement savings plan, they should be enrolled unless they choose to opt out. "
Richard Thaler
Employees
Out
Choose
" You go out on the practice range, and something kind of clicks, and you start hitting the ball very crisply. And you're sure that you've found it, the holy grail - that all you have to do is hold your hand in a certain way. Then you go out on the golf course, and it's completely disappeared. "
Richard Thaler
Golf
You
Way
" 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
" It's essential that we understand things like the free-rider problem, but we also need to understand that, fortunately, humans are a little nicer than economists give them credit for. Some people actually leave money at roadside fruit stands; some people give money to NPR so we can listen to it. "
Richard Thaler
Problem
People
Fruit
" 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. "
Richard Thaler
Fuel
Price
United States
" 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