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.

What is the significance of Richard Thaler's work in behavioral economics?

How did Thaler's book 'Nudge' influence political figures?

What does the term 'nudge' refer to in the context of economics?

What are some characteristics of the economic theories emerging from the UK as mentioned in the text?

In what ways does behavioral economics intersect with psychology?