The former school of thought presents anomalies that have been neither sufficiently explained nor disproved by the leading luminaries of the latter school. Thaler compares what a “Human” does when faced with real-world choices with what an “Econ” does with choices based on theoretical principles. Not simply an exposé of the trials and travails of an upstart field, the book provides plenty of material in the best layperson terms possible about why behavior matters. In his witty and insightful book, Misbehaving, Richard Thaler presents a real-life story of how a few insights from psychology and behavior found their way into the now-recognized field of behavioral economics.
In recent years, a new paradigm of economics has emerged which challenges the traditional economic theories that have prevailed for over half a century.
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