You are here: Home » Opinion » Letters
Business Standard

Letters: Thaler's contribution

The book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which Thaler co-authored with Cass R Sunstein in 2008, will now attract more readers

Business Standard 

With reference to the editorial, “A Nobel ‘nudge’” (October 10), awarding the Economics Nobel is, in a way, an effort to bring back the focus of economic research on its relevance to the masses. In recent times, economics and economists have come into disrepute because of relying on jargon and an undeclared competition among their ilk on who will speak last on inflation, gross domestic product and economic growth. The ultimate objective of economic research — bringing the most benefit to the largest number of people with available resources — was forgotten. The book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which Thaler co-authored with Cass R Sunstein in 2008, will now attract more readers.

The money may not mean much to Thaler at this age — he is 72. But the audience he will attract in the years ahead will become conduits for transmission of changes in policy that is beneficial to society. Some say his theories on are already being experimented with in India. Notwithstanding the veracity of this line of thinking, a revolution in communication means ideas are travelling faster these days. If the work done by Thaler, which is now being showcased by the Royal Swedish Academy of Sciences, influences government policy and society’s approach to wealth and its distribution, he will earn a place in world history much higher than those occupied by several of his predecessors.


M G Warrier, Mumbai can be mailed, faxed or e-mailed to: The Editor, Business Standard Nehru House, 4 Bahadur Shah Zafar Marg New Delhi 110 002 Fax: (011) 23720201 · E-mail: letters@bsmail.in All must have a postal address and telephone number

First Published: Tue, October 10 2017. 22:37 IST
RECOMMENDED FOR YOU