This year’s economics Nobel winner invented a tool that’s both brilliant and undemocratic

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Author(s): Henry FarrellPublication Date: October 16, 2017Publication Type: Other WritingRichard Thaler, of the University of Chicago, just won the Nobel Memorial Prize in economics for his contribution to behavioral economics — the subfield known for exploring how psychological biases cause people to act in ways that diverge from pure rational self-interest.