rotmanmagazine.ca / 19Richard Thaler is the Charles R. Walgreen Distinguished Service Professor of
Behavioural Science and Economics at the University of Chicago’s Booth School
of Business. He is the author of Misbehaving: The Story of Behavioral Economics
(W.W. Nor ton & Company, 2015) and the co-author of Nudge: Improving
Decisions on Health, Wealth, and Happiness (Yale University Press, 2008).
I have the hopeful thought that Economics will soon become
as behavioural as it needs to be. There is still plenty of room for
models of rational actors: We still need to figure out, if we want
to maximize profits, what is the best way to do it? Traditional
Economics is good at finding optimal solutions to such problems.
But, in lots of other situations, a more behavioural approach is
required. I am looking forward to the day where economists just
use the tools that seem best suited for the job at hand, and stop
treating Behavioural Economics as a separate field.
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