Richard Thaler
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Appearances Over Time
Podcast Appearances
Make them start over and tell them about status quo bias.
Anytime anybody gives me that answer, I give them an F and say, no, why do we still do it that way?
Isn't there a better way?
So I'll use one fancy word you may not know, which is pleonasm.
Pleonasm.
Wait, what?
Pleonasm.
Wow.
So there's a guy smarter than me named Herb Simon who wrote a definition of behavioral economics and said the phrase seems like a pleonasm.
What is that?
A redundant phrase, meaning what other kind of economics could there be?
Presumably, economics is about the behavior of people in markets.
Yes.
Right?
Thank you.
So why do we need that?
Well, the reason we need that is standard economics leaves out the people.
They're all about the markets.
And then there are firms and workers and governments and countries and consumers.
They're all people.