Masters in Business

Richard Thaler and the Human Side of Economics

Richard Thaler, founding father of behavioral economics.

The outsider gets acceptance.

Photographer: Michael L Abramson/Getty Images

This week in our Masters in Business radio podcast, we speak with the man known as the father of behavioral economics, Richard Thaler professor at the University of Chicago Booth School of Business. He has just won the Nobel Prize in Economics. 

Thaler began his career as an economist who asked the sorts of questions that gave his academic advisers fits. He was fond of identifying where actual human behavior differed from how economists theorized people behaved. The distinction between real people and homo economicus was so stark that a new field of economics was born. His new book, "Misbehaving," documents the rise of the field he helped found. 

Listen to the full podcast on iTunesSoundCloud or on Bloomberg.com. Earlier podcasts can be found on iTunes and at Bloombergview.com

Next week, we speak with tech entrepreneur, venture capitalist and philanthropist Nick Hanauer.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

    To contact the author of this story:
    Barry Ritholtz at britholtz3@bloomberg.net

    To contact the editor responsible for this story:
    James Greiff at jgreiff@bloomberg.net

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