Richard H Thaler in conversation with Evan Davis

“Behavioral economics is no longer a fringe operation, and writing an economics paper in which people behave like Humans is no longer considered misbehaving”. (Misbehaving p.347)

Professor Richard H Thaler’s new book, Misbehaving, charts the rise of behavioural economics which put “human foibles” back into economic thinking.  The UK, through the Behavioural Insights Team has been a pioneer in practical applications.   

In discussion with BBC Newsnight presenter Evan Davis, Richard Thaler reflected on what behavioural economics has added to the policy maker toolkit, how far it can extend, its potential limitations and where economics might go next.

Richard Thaler is the Ralph and Dorothy Kettler Distinguished Service Professor of Behavioral Science and Economics, and Director of the Centre for Decisions research at the University of Chicago’s Graduate School of Business.  He has worked in the US with President Obama and is an adviser to the Behavioural Insights team.