Richard Thaler Wins Nobel Prize in Economics

The video discusses behavioral economics, highlighting Richard Thaler's contributions, including his book 'Misbehaviour' and the concept of 'Nudge', which has influenced political leaders like Obama and Cameron. It also touches on the holistic approach to economics inspired by Gary Becker, emphasizing the intersection of economics and psychology.

Which field has gained more respect within economics, as discussed in the video?

• Macroeconomics

• Microeconomics

• Behavioral Economics

• Classical Economics

What is the main idea behind the 'nudge' concept introduced by Richard Thaler?

• Forcing people to make decisions

• Encouraging people to make better decisions

• Ignoring people's decision-making processes

• Punishing poor decision-making

Which book by Richard Thaler is mentioned as having a significant impact?

• Thinking, Fast and Slow

• Freakonomics

• Predictably Irrational

• Misbehaviour

Which two political leaders are noted for adopting the 'nudge' concept?

• Barack Obama and David Cameron

• Joe Biden and Theresa May

• Angela Merkel and Emmanuel Macron

• Justin Trudeau and Boris Johnson

Richard Thaler is associated with which university, as mentioned in the video?

• Stanford University

• Massachusetts Institute of Technology

• Harvard University

• University of Chicago