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The Tom Woods Show

Ep. 1021 The Nobel Prize and Behavioral Economics: Anything Here for Austrians?

The Tom Woods Show

Tom Woods

Politics, Economics, Libertarian, Government, News

4.83.3K Ratings

🗓️ 17 October 2017

⏱️ 49 minutes

🧾️ Download transcript

Summary

Gene Epstein of Barron's joins me to discuss Richard Thaler, this year's recipient of the Nobel Prize in economics, who has helped to popularize "behavioral economics," and how to deal with situations in which people behave "irrationally" (that is, unlike the way neoclassical economics expects them to).

Show notes for Ep. 1021

Transcript

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0:00.0

The Tom Woods Show, episode 1,021.

0:03.4

Prepare to set fire to the index card of allowable opinion.

0:08.2

Your daily dose of Liberty Education starts here, the Tom Woods Show.

0:14.7

Men, it's time to say goodbye to those $99 suits on the clearance rack.

0:19.4

This week, my listeners can get any premium Indochino suit for just

0:23.4

$379 at Indochino.com when entering Woods at checkout.

0:30.5

Hey, everybody, Tom Woods here talking today with Gene Epstein about the most recent winner of the

0:36.2

Nobel Prize in Economics, Richard Thaler.

0:39.1

And there's a lot to say here.

0:41.1

He's done a great deal of work in so-called behavioral economics.

0:45.8

And we're going to talk about what, if anything, we can draw from his work that is of value to us

0:51.2

and what we might criticize.

0:53.2

Of course, Gene Epstein is economics and book review editor

0:56.7

at Barron's, the nation's premier financial publication. And he joins me now. Gene, thanks for being

1:02.3

here. Tom, nice to be back. And you, of course, are on a role. It must be dizzying these days for you since your thousandth episode

1:13.8

got postponed. And it's all come at the same time that I saw you in New York for the day,

1:20.2

for the weekend about Murray Rothport. And now you're off on your cruise. And you're not even

1:25.1

45 years old yet, right um i'm barely 45

1:28.3

so i'm i'm turning 73 in november and i'm still going strong so you've got at least

1:34.8

you know 28 years to go uh much uh they're very lucky for us all and i got a chance to talk to

1:42.8

uh bob murphy at uh the commemoration of Rothbard about his

1:47.1

appearing on my Soho forum to do a very juicy debating topic that, I think, will happen. And by the way,

...

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