Richard Thaler, Who Was Awarded The 2017 Nobel Prize In Economics, Supported Demonetisation

Richard H Thaler, the 72-year-old behavioural economics expert who was today (9 October) awarded the 2017 Nobel Prize in Economics for shedding light on how human traits systematically affect individual decisions as well as market outcomes, had expressed support for demonetisation.

Expressing approval for the move on Twitter, soon after Prime Minister Narendra Modi announced it on 8 November 2016, Thaler had said that it was the “first step toward cashless and good start on reducing corruption”.

“This is a policy I have long supported. First step toward cashless and good start on reducing corruption,” the 'Nudge' economist had said on the micro-blogging site. He, however, was not impressed with the introduction of Rs 2,000 note.

Also Read: The Real Logic Of Rs 2,000 Note: It’s A Stopgap Currency, Born To Die

Thaler, who is currently professor of behavioural science and economics at the University of Chicago, is the 79th recipient of the Nobel, which was announced by the Royal Swedish Academy of Sciences in Stockholm today.

The US-based economist co-wrote the 2008 global bestseller Nudge.