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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.

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