American economist bags Nobel Prize in Economics

Oct 09, 2017, 6:45 AM EDT
U.S. economist Richard Thaler
(Source: Chatham House/flickr)

U.S. economist Richard Thaler, acclaimed for his global bestseller “Nudge” that contributed immensely to an understanding of the psychology of economics, has won the 2017 Nobel Prize in Economics.

One of the judges in the Nobel Prize panel lauded Thaler’s work, adding that his findings and theoretical insights have given rise to a new branch of economics, which can be called behavioral economics, notes the BBC.

“Nudge,” co-authored by Thaler, influenced policymakers around the world, as it divulged the art and science of subtly guiding humans to beneficial behaviors without heavy-handed compulsion, writes CNBC.