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Richard H. Thaler:

From Homo Economicus to Homo Sapiens

Responding to a request for a forecast is especially tricky for someone like me, who specializes in other people’s biases. Research in psychology suggests that certain biases are very likely to creep into my forecasts about the future of economics (or anything else).

Prof. Richard H. Thaler



Homo Economicus Will Begin Losing IQ, Reversing a 50-year Trend

Homo Economicus Will Become a Slower Learner

The Species Populating Economics Models Will Become More Heterogeneous

Economists Will Study Human Cognition

Economists Will Distinguish Between Normative and Descriptive Theories

Homo Economicus Will Become More Emotional