(Credit: Shutterstock/superjoseph) Richard Thaler’s victory in the Nobel Prize category for Economics is more than a personal triumph. While Thaler has every reason to be happy that years of being marginalized for his views on behavioral economics — particularly the fact that, contrary to what many free-market disciples believe, people don’t always make economic decisions based on rational self-interest — it is perhaps most remarkable that an economist who is not a strict laissez-faire advocate managed to walk away with the top prize. To understand why, one must start with how the Nobel Prize in Economics is, so to speak, the black sheep of the Nobel family. Economics wasn’t even among the categories created by Alfred Nobel in his will.
Richard Thaler’s Win Just Saved The Nobel Prize In Economics
Matthew Rozsa, Salon: Politics
Mon, 10/09/2017 - 11:07am
Topics: credit shutterstock/superjoseph richard thaler s alfred nobel sweden s avner offer söderberg gunnar myrdal swedish john kenneth galbraith meidner hayek milton friedman president ronald reagan alternet cato institute the nobel prize thaler nobel prize economics nobel atlantic offer the the win thought free-market school social reason democracy people subscribe years behavioral free contrast wasn markets libertarian self-interest decisions rational practical market economist
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