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A review by nodens
Misbehaving: The Making of Behavioral Economics by Richard H. Thaler
5.0
While at first reads as a story about the making of Behavioral Economics, it highlights as well the deeply rooted conservatism of some branches of academia or how hard it is for radical thought to be accepted. Despite the high quality of humour and the light hearted description of events it makes you wonder why the level of hostility towards this branch of Economics.
While not a book on pure theory, learning how it all came together, coupled with explanations and anecdotes really works as an introduction into the thought process of what constitutes Behavioral Economics and how it came about. The examples that Thaler gives are eye opening and really challenge what was commonly praised as logical.
What really resonated with me from this book was the focus we all have on sunk costs, that things are not as logical as we believe them to be when inspected closely.But, most important of all, sticking to your guns even in the face of overwhelming odds. If you know you are right be prepared to defend and support your opinion.
All in all, not bad from a person who was doubted all his academic career and ended up a Nobel laureate and the president of American Economic Association.
While not a book on pure theory, learning how it all came together, coupled with explanations and anecdotes really works as an introduction into the thought process of what constitutes Behavioral Economics and how it came about. The examples that Thaler gives are eye opening and really challenge what was commonly praised as logical.
What really resonated with me from this book was the focus we all have on sunk costs, that things are not as logical as we believe them to be when inspected closely.But, most important of all, sticking to your guns even in the face of overwhelming odds. If you know you are right be prepared to defend and support your opinion.
All in all, not bad from a person who was doubted all his academic career and ended up a Nobel laureate and the president of American Economic Association.