This book was written shortly before Barack Obama’s election as U.S. President. Notably, that time was also just before the Great Recession. In that light, this book seems to suggest an ending to the deep conflicts between the world-views of conservative and liberal Baby Boomers and an opening to some sort of resolution of their tensions.
It attempts to paint a middle way between economic conservatives (libertarians) and economic liberals (paternalists), a way called “libertarian paternalism.” This philosophy tries to preserve freedom of choice while allowing a suggested choice (a “nudge”) in the “choice architecture.” By way of reading this over a decade after composition, such a setup is currently practiced through opting into or out of default decisions.
Likewise, in light of ten years of history, this book does not seem quite as revolutionary as it did in the days of Obama’s via media. Much of the new sparkilness of a middle way to solve our national problems has dissipated into entrenched warfare between an old way and a new way. Perhaps voices like Thaler’s and Sunstein’s will end up ruling the day. However, the present and the expected near-future seem bleak in light of the lack of receptivity towards proposals based on intelligence alone. Academically, decision theory (the field of this text) has continued to prove ascendant, and the field’s novelty has been a victim of its own success. This book has played its own role in these stories. It is interesting to peruse its pages with that knowledge.
Nonetheless, it is striking to read the breadth of impact that this acclaimed pair cite. From marriage and homosexuality to organ donation, from the design of urinals to the defaults in workplace benefits, a wide berth of worlds is considered. The scope speaks to the erudition of these economists.
One avenue not much considered by this book is the role of artificial intelligence in selecting such default choices. Will computers prove to be the most enlightened choice architecture? Can instant analyses influence the choice architecture so that human can make better decisions? Time and history will tell. This work should continue to inspire the minds of thoughtful people for a while, and it will sit in the annals of economic history some time to come.
Nudge: Improving Decisions About Health, Wealth, and Happiness
by Richard H. Thaler and Cass R. Sunstein
Copyright (c) 2008, 2009
Penguin Books
ISBN13 9780143115267
Audiobook
Genre: Economics
www.amazon.com