Thaler took home the prize in what was apparently an overdue win for the 2017 Nobel Memorial Prize in Economics Sciences, The New Yorker said. “In order to do good economics, you have to keep in mind that people are human,” Thaler told The New York Times after his victory was announced. Thaler, who has been a long time partner of Princeton psychologist Daniel Kahneman — also a Nobel Prize winner — questioned this assumption, arguing that people behave in predictably irrational ways, The Times reported. His field of behavioral economics, drifting outside the mainstream, made him a less likely recipient of the Royal Swedish Academy of Science’s greatest academic honor. A New Jersey native, Thaler was hailed as a “pioneer” by the Nobel committee for his work in making “economics more human,” The Guardian reported.

Source: Daily Sun October 11, 2017 01:30 UTC