The politics of nudge

Professor Richard Thaler was on great form last night during his lecture at the LSE

What is a report on a lecture by an economist doing on the Politics blog?

Well, Thaler’s ideas on behavioural economics have important implications for social policy and politicians.  Irrational human beings with limited willpower often make poor choices, and some of Thaler’s ideas can nudge people to make better ones.  I suppose to some people Thaler isn’t strictly an economist since he is making normative judgements about what good and bad choices are, whereas economists are more normally likely to outline the causes and consequences of what goes on in markets. 

Thaler’s co-author, Carl Sunstein is to act as an adviser to President Obama and his book was apparently all the rage amongst the Cameroons a few months back, so expect to see more nudging.

What struck me last night is just how much the various social sciences overlap, and how students of one can expand their subject knowledge by exposing themsleves to ideas from another they are not studying.  For instance, Thaler discussed the introduction of a new system of organ donor registration in the state of Illinois, where drivers looking to have a license issued must opt in or out as organ donors before receiving their license.  This would be an excellent example to students of American Politics of the advantages of federalism!

What was disappointing was the lack of young faces in the audience.  A free lecture in London by one of the top academics in the world?  Attendance at these events is the kind of effective demonstration of interest in learning that universities are looking for.  Need any more of a nudge than that?

Check out their blog here

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