From Homo Economicus to Homo Sapiens
Thaler, Richard H.
Journal of Economic Perspectives 14, no. 1 (2000): 133-141
“In making some forecasts for the future of economics, it would be embarrassing to commit (in writing) all the mistakes I spend weeks warning my students to avoid. However, the alternatives are not very attractive, either. Rationally, I realize that the forecast most likely to be right is to predict that economics will hardly change at all. (Have I mentioned status quo bias?) Although such a forecast has the virtue of brevity, it would not make very interesting reading (or writing). So, with trepidation, I am going to make six bold predictions about how economics will develop over the next couple decades, forecasts that are guaranteed to contain every bias mentioned above, as well as some others. You have been warned.”
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