Modi government had already put Nobel winner's idea into practice

11 October, 2017, 00:26 | Author: Regina Lloyd
  • US Academic Richard Thaler Wins Nobel Economics Prize

American economist Richard Thaler was awarded 2017 Nobel prize in economics "for his contributions to behavioural economics". Thaler is one of the founding fathers of behavioural economics, a field that shows that people often make irrational decisions, that don't serve their best interests.

Thaler, a professor at the University of Chicago, won the $1.1m prize on Monday for his "understanding [of] the psychology of economics" and "profound impact on many areas of economic research and policy", the Nobel committee said. Members of BJP went all out to share Thaler's tweet on demonetisation asserting that the move which was heavily criticised by the members of the opposition was supported by a Nobel Prize for economics victor.

US economist Richard Thaler, of the University of Chicago Booth School of Business, speaks during a news conference after winning the 2017 Nobel Economics Prize in Chicago, Illinois, US. In fact, he co-authored a book, Nudge, Improving Decisions About Health, Wealth and Happiness, which became a best-seller.

Thaler made a cameo appearance in the 2015 movie "The Big Short" about the credit and housing bubble collapse that led to the 2008 global financial crisis.




Asked how he would spend his prize money, Thaler said: "I will spend it as irrationally as possible".

The head of the Royal Swedish Academy of Sciences says the committees that choose Nobel Prize winners will meet this winter to discuss gender and ethnic diversity issues in the prestigious awards.

Here's a good news for the Modi-led government by the The Royal Swedish Academy of Sciences: 2017 Economics Nobel prize victor Richard Thaler had praised the demonetisation of old Rs 500 and Rs 1000 notes announced by Indian PM Narendra Modi on November 8.

The concept has now expanded to the United States and even Australia.

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