Remarks
Science Advances One Funeral at a Time. The Latest Nobel Proves It
The economics establishment resisted the behavioral insights of Richard Thaler.
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The German physicist Max Planck said that science advances one funeral at a time. Or more precisely: “A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die, and a new generation grows up that is familiar with it.”
Richard Thaler of the University of Chicago’s Booth School of Business, who won the Nobel Prize in economics on Oct. 9, exemplifies Planck’s observation. (See Bloomberg’s blanket coverage here, here, here, here, and here.)