News Worms
News Worms


Illinois Professor Wins Nobel Prize in Economics

Illinois Professor Wins Nobel Prize in Economics

Much before USA economist Richard Thaler won Nobel prize for economics, the Narendra Modi government had put his famous theory in practice by dedicating a separate unit to it. Thaler popularised the idea of "nudge economics", which emphasises subtly guiding humans toward beneficial behaviours without forcing them to comply. The Nobel committee said Thaler has provided a "more realistic analysis of how people think and behave when making economic decisions".

Thaler “is a pioneer in behavioral economics, a research field in which insights from psychological research are applied to economic decision making, ” a background paper from the academy said.

Richard Thaler is a University of Chicago professor whose work influenced the Obama administration. Members of BJP went all out to share Thaler's tweet on demonetisation asserting that the move which was heavily criticised by the members of the opposition was supported by a Nobel Prize for economics victor. In fact, he co-authored a book, Nudge, Improving Decisions About Health, Wealth and Happiness, which became a best-seller.

Thaler will receive a 9 million kroner ($1.1 million) cash prize for his work. Of 79 laureates so far, more than a third have been affiliated with the university's school of economics.

Thaler told the Nobel committee by videoconference he was "pleased" by the award. Interestingly enough, the Nobel Memorial Prize in Economic Sciences was never established in the will of Alfred Nobel, thus the "memorial" distinction from the other five established prizes.

The concept has now expanded to the United States and even Australia. Indeed only one women - Elinor Ostrom in 2009 - has won the economics prize to date, and not a single individual women won any Nobel award in 2017.

follow

editors' picks

October 11, 2017
Kate shows off her bump for the first time
For the occasion, the expectant mother wore a blue lace dress , which is believed to be from Temperley to show off her growing bump.

October 11, 2017
Mark Zuckerberg 'visits' hurricane-hit Puerto Rico in VR promo
Facebook Spaces - Facebook's new virtual reality platform - was showcased a year ago at the Oculus Connect Conference. The company is taking help of artificial intelligence and satellite imagery to determine areas to provide aid.

October 11, 2017
'Messi Must Win World Cup To Be Special'
South American World Cup qualifying is going down to the wire and two of the world's finest players are set to play a major part. As things stand, those two matches would take place in Wellington on November 8 with the return in Buenos Aires on November 15.

October 11, 2017
Twitter bans 'inflammatory' Republican anti-abortion campaign ad
Donating the tissue is legal, with consent from the woman, but selling it is illegal in the U.S. Clinics are allowed to recover some costs, like handling and shipping.

October 11, 2017
People start collecting items lost during Vegas shooting
The Las Vegas gunman opened fire on a security guard six minutes before he rained down bullets on a crowd and killed 58 people . The deposition has been turned over to the Federal Bureau of Investigation , the news network said.

October 11, 2017
Bangladesh PM says government will continue to help Rohingya
Border guard boats have rescued 13 Rohingya and the rest are missing, Jalil said, adding many may have swum to the Rakhine coast. The conflict has resulted in more than 1,000 Rohingya deaths, dozens of houses burned and countless women being raped.

October 10, 2017
Counting on Positive BREXIT Negotiations: Theresa May
At the Conservative Party Conference, there were concerns about whether she was a strong enough leader to challenge Jeremy Corbyn .

October 10, 2017
India, Colombia kick-off die-or-die clash
Keeping India's defensive vulnerability in mind, the 63-year-old coach was asked what he thinks his side is lacking at the moment. Ghana would come to regret not taking their chances, as U.S. won all three points thanks to Akinola's goal on 75 minutes.

October 10, 2017
Ireland stun Wales to seal World Cup playoff spot
Martin O'Neill's team must win to have any chance of qualifying for the World Cup finals in Russian Federation next summer. Should Wales win and Serbia fail to beat Georgia , Coleman's men would qualify automatically for Russian Federation 2018.

October 10, 2017
Yelberton Abraham Tittle Jr., known as YA Tittle died at 90
Tittle never won a championship but was shown in an iconic photo taken by Dozier Mobley during his final season in 1964. Tittle lettered from 1944-47 and led LSU to victory in the 1947 Cotton Bowl following his junior season.