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Richard Thaler on misbehavior, tipping, and economists as failed mathematicians


Stashed in: Give and Take, books, Tipping

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So, that’s 1936. That was kind of the end of people in economics. And it wasn’t intentional that that happened. The people like Paul Samuelson who started the mathematical revolution in economics didn’t mean to leave people out. But the easiest models to write down are models of rational choice.

I had taken for granted that economics requires math. 

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