Economy

Nobel victor Richard Thaler praised 'demonetisation', but damned Rs.2000 notes

Nobel victor Richard Thaler praised 'demonetisation', but damned Rs.2000 notes”

A United States economist Richard Thaler has won the Nobel Prize for economics this year.

The Swedish National Bank Prize in Economic Sciences in Memory of Alfred Nobel was first granted to its first recipients, Ragnar Frisch of Norway and Jan Tinbergen of the Netherlands, nearly 70 years after the series of prestigious prizes that Nobel helped establish through funding set aside in his will.

Thaler will receive 9 million Swedish krona (850,000 pounds) from the committee.

"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".

In particular, his work looked at how to "nudge" people into doing more long-term planning, such as saving for a pension.

Prof Thaler has won the prize for his new research in behavioral economics.

The economics prize is unique among the Nobel awards in that it was created by the Swedish central bank in 1968 - the others were all set up through the 1895 will of Swedish inventor and philanthropist Alfred Nobel. 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.

Prof Thaler had also appeared in the film "The Big Short". The Americans have dominated in winning the Nobel Prize for Economics.

People make poor economic choices. Between 2000 and 2013, United States academics won or shared the prize every year.

We're hungry, we're in a hurry and burger and chips is what we always buy.

Tests have shown that putting healthier foods on a higher shelf increases sales.



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