Tuesday, October 10, 2017

Nudge Theory wins the Nobel Prize for Economics - It is time to use this theory to usher in a new era

– so how will we use Nudge to Nudge out the old and replace with the new?

Professor Richard Thaler now ageed 72, at the University of Chicago has been awarded this year’s Nobel Prize for Economics for his theory behind, Nudge the best-selling book he co-wrote. The citation says for, “a more realistic analysis of how people think and behave when making economic decisions”

“Nudging stems from the field of behavioural economics, examining how gut instincts can often overrule rational choices, in which Thaler is regarded as a pioneer”

Here are some links for those interested in reading a little bit more about this theory which is truly fascinating and wait for it, and my hypothesis as to how we in Sri Lanka can “irrationally” use it to our advantage!




I will not go into the minutiae of this theory, except to say that if this is true in how we elect our leaders, then it surely is an irrational choice and we have to be nudged away from our selections WHICH WE KNOW IS WRONG and we keep saying it is the lesser of two evils and we therefore perpetuate an order that we despise, complain about and in the end SHRUG our shoulders saying we can do nothing about it.


NO LONGER my dear friends. We MUST use this theory to learn how we change the status quo, which we must. If there are like-minded people who want to give it a shot, let’s try and put it into practice to nudge our docile electorate into believing they can actually make a change in this democracy by making an attempt first at discovering the alternative to the present predicament and then doing something about establishing this alternative in our country, so we can all feel better about ourselves that we in this era managed to do what for 70 years has eluded us! 

How can we forgive ourselves for perpetuating a culture of corruption and greed of the few, ruling over the many in a shameless game of musical chairs, where the same set of drifters have banded together in the so called Parliamentary Democracy of ours to slowly but surely squeeze the life blood of the nation. Not any longer, and NUDGE is the word to nudge in the new, by placing a clever agenda to the people. 

3 comments:

Anonymous said...

So the first step is to make the people of Sri Lanka believe that there is an alternative, to nationalism, socialism, fascism, communism, capitalism, liberalism and what may that be? Sri Lankan Identity

Yes I think there is a chance if we can denounce all race and religions based parties and thinking as being perpetuating personal agendas at the expense of the public good.

The youth can buy into this easier than the older folks who are mentally stuck in history. It is therefore for them to convince their elders that the choice is none of the above, and only theirs -that is the youth's expectations as it is them who will have to live in this Country for the next 50 years and NO one currently in parliament will be around.

So then we start with by mandating that no one who has been elected hitherto to any public office is entitled to be elected ever again. That is the first nudge I am sure we can convince our youth today, and hopefully the older ones later.

Anonymous said...

Father of Behavioral Economics that explores how human psychology shapes economic decisions. This is a great field we need to use in Sri Lanka, as it is all about human psychology and not rational behavior that determine how people in Sri Lanka make decisions on everything, not just their purchasing choices, but also their friendships and who they vote for.

It is a definite reminder on where we must concentrate our thinking for the greater good, and not just leave it to advertisers to excel at it to make money for their clients as it is how it is currently being used in Sri Lanka to a great degree.

Anonymous said...

Changing the political culture of Sri Lanka

Yes we all agree this is a must

So if we agree that none of the current personages should ever hold office, it is simple to bring into the new constitution that only one term is permitted. It will solve all the problems.

We will then have professionals seeking office, not upstarts and opportunists as we have now