A Quote by Richard Thaler

In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.

Richard Thaler

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About Basically Because Behavior Down Economics Economists Enough Forgot Getting Getting High Highly Humans Kind Mathematical Models Rational Real Smart Started Write Writing

Quote Author

Richard Thaler
American - Economist
Born: September 12, 1945

The good news is that, at least in economics, I've seen movement away from its overemphasis on mathematical models of purely rational behavior to a more eclectic and commonsense approach: research that is, among other things, more respectful of insights from psychology.

Robert J. Shiller

When I started modeling, they tried to pay black models less than they paid Caucasian models. I turned down those jobs because I knew what I was worth.

Iman

The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by "rational man" models of human behavior from economics and too little by "foolish man" models from psychology and real-world experience.

Charlie Munger

When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior. Macro evidence certainly suggests deviations from rationality, but I don't want to say the rationality hypothesis is completely wrong. If you have any introspective idea or experimental idea about people's behavior, it seems to be incompatible with the really full scale rational expectations.

Kenneth Arrow

Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.

Murray Rothbard

The climate-studies people who work with models always tend to overestimate their models. They come to believe models are real and forget they are only models.

Freeman Dyson

Economists suffer from a deep psychological disorder that I call 'physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor.

Andrew Lo

Highly proactive people don't blame circumstances, conditions, or conditioning for their behavior. Their behavior is a product of their own conscious choice.

Stephen Covey

When I started working, the big models were people like Naomi Campbell and Kate Moss. It was a time when there were models who had real personalities and individuality.

Marc Jacobs

When I started playing ball as a junior, I'm kind of glad that I was never good enough to be highly recruited.

Joel Embiid

Neoclassical economics ... has uncovered important truths about the nature of money and markets because its fundamental model of rational self-interested human behavior is correct about 80% of the time.

Francis Fukuyama

My fellow economists and academics fail to understand the economics of trade in the real world. Traditional models of academia respect free trade without considering whether it is fair trade.

Peter Navarro

There are great slender models, great tall models, Amazonian models, great busty models - my point is models of all shapes and sizes, age, ethnic background should be embraced and celebrated.

Erin O'Connor

I started writing when I was around 6. I say 'writing,' but it was really just making up stuff! I started writing and doing my own thing. I didn't really know what a demo was or anything like that, so I started getting interested in studio gear and started learning about one instrument at a time. My first instrument was an accordion.