"The philosopher Karl Popper used to say that we learn much from our mistakes, even more than from our successes. The same is true about a profession. The stir created by behavioral economics has been good for economics and Richard Thaler has been an important part of that. It has awakened economics from a self-satisfied slumber. But if the awakened economics accepts the truisms and biases of behavioral economics then that would be bad for economics. It would be yet another self-satisfied slumber. The behavioral moment is an opportunity to re-evaluate standard economics but also to correct the errors and direction of behavioral economics, and then move on."
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