This episode dives into Richard H. Thaler’s Misbehaving, a fascinating account of how behavioural economics disrupted traditional economic thinking. Thaler challenges the assumption that individuals always act rationally, highlighting how cognitive biases and emotions drive decision-making in unexpected ways. We trace the book’s exploration of behavioural economics from its early academic resistance to its widespread acceptance, particularly in shaping public policy through concepts like “nudging.” While Misbehaving has transformed how we understand human behaviour in markets and institutions, we also discuss its broader implications and critiques. Join us as we examine the legacy of Thaler’s work and how behavioural economics continues to shape modern decision-making.

Disclaimer: This episode provides an educational overview and commentary on Misbehaving: The Making of Behavioral Economics by Richard H. Thaler. All rights are reserved by the original author and publisher. Content is shared under fair use for discussion and learning purposes.