Summary of Misbehaving: The Making of Behavioral Economics by Richard H. Thaler

Misbehaving: The Making of Behavioral Economics by Richard H. Thaler | Book Summary | Readtrepreneur (Disclaimer: This is NOT the original book, but an unofficial summary.)

Winner of the Nobel Prize in Economics, Richard H. Thaler will change the way you think about economics. Misbehaving will help you make smarter, more educated decisions in an increasingly confusing world.

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"The purely economic man is indeed close to being a social moron. Economic theory has been much preoccupied with this rational fool." – Richard H. Thaler

Richard H. Thaler challenges the basic premise in economics, where actors are considered to be rational creatures. Every day, people make decisions which deviate from the standards of rationality assumed by economists. Using recent discoveries in psychology, Thaler reveals how behavioral economic analysis discovers new ways of looking at everyday finance and overall business challenges.

Richard H. Thaler improves the basic definition of economics where participants are rational beings and encourages the use of psychological studies in understanding the modern consumers and the effects they have on the economy as a whole.

P.S. Misbehaving is an extremely useful book that will help you grasp the concept of modern economy and use it to improve your financial and business decisions.

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