Business

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

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

It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.

"His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy".

On November 8, PM Modi shocked the country when he announced that the government was banning Rs 500 and Rs 1000 notes in a bid to promote cashless economy and control corruption.

In 2001, Thaler along with Shlomo Benartzi of the UCLA Anderson School of Management, addressed the issue of using behavioral economics to increase employee saving.

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Awarding the 9 million Swedish crown ($1.1 million) prize, the Royal Swedish Academy of Sciences said: "Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making". Hansson said he did not believe there was systemic gender discrimination, but “we are concerned; we are taking measures.”.

A buoyant and complacent stock market is worrying Richard H. Thaler, the University of Chicago professor who this week won the Nobel Prize in economics.

Harvard professor Brigitte Madrian, who researches behavioral economics and household finance, tells CNBC Make It that recognizing these tendencies is very important when making decisions about how to invest your time and money. Thaler has always been known for challenging a foundational concept in mainstream economics, namely, that people by-and-large behave rationally when making purchasing and financial decisions.

The economics prize is something of an outlier - Alfred Nobel's will didn't call for its establishment and it honors a science that many doubt is a science at all.


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