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Why Traditional Economics Is Precisely Wrong

We're more Homer Simpson than Spock, says Nobel winner Richard Thaler.

Richard Thaler received the Nobel Memorial Prize in Economic Sciences on Oct. 9 for his pioneering work in behavioral economics. The month before he won, Thaler sat down with Barry Ritholtz at the Morningstar ETF Conference in Chicago for a conversation ranging from Thaler’s mentors to his movie career. Their talk provided a tour of the field, garnering laughs while touching on key issues for investors today.

Thaler teaches at the University of Chicago Booth School of Business, where he is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics.