Richard H. Thaler, Misbehaving: The Making of Behavioral Economics

Richard H. Thaler, Misbehaving: The Making of Behavioral Economics Rev Austrian Econ (2017) 30:137–141 DOI 10.1007/s11138-015-0330-z Richard H. Thaler, Misbehaving: The Making of Behavioral Economics New York, NY: W.W. Norton & Company, New, 2015. xiv + 432 pages Shruti Rajagopalan Published online: 14 September 2015 Springer Science+Business Media New York 2015 Misbehaving is the story of behavioral economics as a field with Richard Thaler as its protagonist. A fitting title – describing both the human condition, and Thaler’smav- erick academic choices – for an articulate book laying out important and contested topics in economics. Thaler is a master storyteller, and takes the reader on a journey of the emergence of a new, relevant, and interesting field of economics. Behavioral economics itself is non- sterile, and the topics picked by Thaler for inquiry are quirky, interesting, and full of wonderful examples. Following Pareto’s prophesy, that all laws in the social sciences will eventually be deduced from psychology, Thaler hopes to bring more psychology into economics to make economics more human and improving the accuracy of predictions using eco- nomic theory (p. 9). Thaler distinguishes between the abstract Econ – the abstract homo economicus individual used in rational choice axioms – with the more realistic Human. He argues that economists The Review of Austrian Economics Springer Journals

Richard H. Thaler, Misbehaving: The Making of Behavioral Economics

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