Richard Thaler is popularly acknowledged as the founding father of Behavioral Economics. In this book, he provides an evolutionary history of this Branch of Economics, which although not receiving the same extent of limelight and recognition as has been accorded to mainstream Economics, is definitely here to stay.
In “Misbehaving”, Thaler traces the development of Behavioral Economics from a fledgling and hesitant origins to its worldwide acceptance as a formal field of study. This painful, albeit alluring and exciting growth is richly catalogued by Thaler in a language that is simple, and easy to understand. Thaler also takes the reader through interesting concepts such as randomized control trials and laboratory experiments the results of which reveal the extraordinary fact that under most circumstances even the most rational among us behave more like humans rather than cold, calculating rational “Econs”.
Thaler also shares his experience of working with the best in the field, such as Daniel Kahneman and the late Amos Tversky. The contributions made by this phenomenal duo to the embellishment and uplift of Behavioral Economics is unparalleled and Thaler provides ample recognition of this fact in his book.
Overall this book makes for key reading in comprehending the essentials of Behavioral Economics as an important facet in solving many of the socio economic problems that ail mankind today.