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Chicago Uni - Behavioural Economics Traditional economics holds that humans, as rational beings, make choices to maximize their welfare. Chicago’s Richard Thaler argues that policy makers—including those working on President Bush’s plan to partially privatize Social Security—would do well to remember that rationality has its bounds. The advertisements appeared in late August 2000 on Swedish television and in women’s magazines, traveling to billboards and bus stops and the pages of daily newspapers. They were variations on a theme. Two people have a discussion. “There’s no reason to think that markets always drive people to what’s good for them.” A few weeks later Sweden’s 4.4 million working-age adults received blue packets in the mail. So began what Richard Thaler, the Robert P. The paper is a classic example of the growing literature in behavioral economics, a school of thought that, under Thaler’s leadership over the past 30 years, has been seeping into economics departments and academic journals.

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