Nobel Prize Goes to Richard Thaler, Behavioral Economist

"The philosopher Karl Popper used to say that we learn much from our mistakes, even more than from our successes. The same is true about a profession. The stir created by behavioral economics has been good for economics and Richard Thaler has been an important part of that. It has awakened economics from a self-satisfied slumber. But if the awakened economics accepts the truisms and biases of behavioral economics then that would be bad for economics. It would be yet another self-satisfied slumber. The behavioral moment is an opportunity to re-evaluate standard economics but also to correct the errors and direction of behavioral economics, and then move on."