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" 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
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" 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
" 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
" Here is a guiding principle: If a business collects data on consumers electronically, it should provide them with a version of that data that is easy to download and export to another Web site. "
Richard Thaler
Principle
Web
Easy
" Leaders are important but not omnipotent. "
Richard Thaler
Leaders
Omnipotent
Important
" 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
" 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
" We all need a lot of humility, and especially about the economy. "
Richard Thaler
Economy
Humility
Lot
" The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed in standard economic theory. "
Richard Thaler
Understand
Economics
Lesson
" There can be legal conflicts over whether registering intent is enough to qualify you as an organ donor or whether a doctor must still ask your family's permission. "
Richard Thaler
You
Doctor
Enough
" We behavioralists differ from our more traditional brethren in the way we characterize agents in the economy. "
Richard Thaler
Our
Economy
Way
" 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
" 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
" 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
" Fortunately, economists open to new ways of thinking are finding novel ways to use supposedly irrelevant factors to make the world a better place. "
Richard Thaler
Place
Finding
Better
" Anybody who's ever been in a large organization realizes that 'optimizing' is not a word that would often be used to describe any large organization. The reason is that it's full of people, who are complicated. "
Richard Thaler
Used
Complicated
Organization
" Sunk costs? We pay too much attention to them. "
Richard Thaler
Much
Costs
Attention
" It's not that we can predict bubbles - if we could, we would be rich. But we can certainly have a bubble warning system. "
Richard Thaler
Bubbles
Bubble
Warning
" 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 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
" Behavioral economics offers a plausible explanation for overreactions by the market. For example, a long period of bad performance can lead to stereotyping. "
Richard Thaler
Performance
Bad
Economics
" When it comes to assessing the chances of some complicated combination of events, gut feelings are pretty much useless. "
Richard Thaler
Useless
Events
Feelings
" 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
" 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
People
Mistakes
" 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
" The government employs scientists of many varieties in technical capacities, from estimating the environmental toxicity of a chemical to the structural soundness of a bridge. But when it comes to forming policies, these scientists and, especially, behavioral scientists are rarely at the table with the lawyers and the economists. "
Richard Thaler
Government
Environmental
Table
" 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
" 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
" 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
" Economists discount any factors that would not influence the thinking of a rational person. "
Richard Thaler
Person
Influence
Thinking
" If no estate tax is imposed, capital gains taxes can be avoided indefinitely. "
Richard Thaler
Estate
Taxes
Capital