Richard Thaler: The People’s Economist
This year’s Economics Nobel recognizes the merits of sociability.
Fruits to Nuts
Newton had the apple, Thaler had cashews.
Early in his career, Richard Thaler, this year’s recipient of the Nobel Memorial Prize in Economic Sciences, realized that his guests would eat so many cashews with their predinner drinks that their appetites would get spoiled. Some suggested, half-jokingly, that he remove the temptation. This struck him, because that request violated standard economic theory. Eliminating options should displease the diners, not delight them.