Today’s Big Idea is put forward in a remarkable and invigorating book by Cass Sunstein and Richard Thaler, called ‘Nudge -Improving Decisions about Health, Wealth and Happiness.’
As always, we highly recommend reading the whole book. You can buy it by clicking our affiliate link: https://amzn.to/3ufxa1U
Every day we make choices! – About what to buy or eat, about financial investments or our family, health or education. We are so used to choosing that often we are not even aware of why we pick one thing over another, and regularly we make less-than-optimal choices.
Ponder this; If grocery stores didn’t stock candy at the register, would you buy it less frequently?
In ‘Nudge’ Thaler & Sunstein explores how subtle prompts, also referred to as “nudges,” can help us make better decisions without infringing on our fundamental right to free will.
This video will focus on the first part of the book, called ‘Humans and E-cons.’ Here we learn how flesh-and-blood humans differ from the uber-rational people presented in economic theory and discover why real humans don’t always make the smartest choice!
As always, we recommend reading the full book, where you will learn more about how Nudges can be applied in matters of Money, Health, and Education.
Humans and E-cons
One of the most critical insights of behavioral economics is that contradictory to common sense; humans are actually terrible at doing what is best for them! We consistently and predictably make bad choices!
This fact that humans don’t always make the right choices keeps economists puzzled since it contradicts a central assumption underlying traditional economic theory: that human beings are always rational.
Meanwhile, over the last 50 years, social scientists have discovered how seemingly inconsequential details cause humans to make bad decisions, unwittingly and despite good intentions. Often, we are driven by impulse or fueled by mistakes in logic.
Thaler and Sunstein build on this awareness, and while they consider “freedom of choice” a fundamental right, they still dream of making choosers better off through a non-intrusive method. Their solution: a new movement labeled Libertarian Paternalism.
We hope you will enjoy the video! That it will inspire you, Help you Grow your Mind and Motivate You to be The Best You!
You can check out the video here: https://youtu.be/RbXFGqXhliI
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