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The Economics of Sciences!




Richard Thaler is the 2017 winner of the Nobel Memorial Prize in Economics. The official release stated that he "has incorporated psychologically realistic assumptions into analyses of economic decision-making. By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes."

Economic sciences can get me curious! I looked trying to understand the nudge theory! I should say that I ma only glad!

Internet knowledge is mostly falling in the space of a priori or even worse - false, which is continuously educating people in the wrong dimensions.

Hence nudge theory used well can create some biases for people to quickly gain experience and do the right things and thus shift towards the right things. Nudge can behave as the small fulcrum to turn the society or teams to be good and great!

PS. The black fleck in the picture is a painting of a fly. It turns out that men like to aim at something, and the fly is in the best place to avoid splashback. This simple change has reduced the cleaning costs by 20%.

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