- In The News
- In The World
Join us in congratulating the Nobel Memorial Prize in Economic Sciences winner Richard H. Thaler, aka math teacher Maggie Friedfeld's dad and grandpa of Hallie Friedfeld '15!
Professor Thaler, hailed as one of the most creative spirits in modern economics, has worked to persuade economists to pay attention to human behavior. This conceptual shift was a departure from mainstream economic theory, which was based on the concept that people behave rationally. Rather than simply argue that people behave in a completely irrational fashion, Thaler worked to show that people are irrational in certain ways that could be modeled and predicted.
“In order to do good economics, you have to keep in mind that people are human,” Professor Thaler said following the Nobel Prize announcement.
Congratulations to a member of the extended Lincoln School community! Read more about Professor Thaler and his important work.
*Photo credit: University of Chicago