“How can people be simultaneously so smart and so dumb?” -From Nudge by Richard Thaler and Cass Sunstein
This article, from The New Republic, by Franklin Foer and Noam Scheiber discusses what they call Obama’s “nudge-ocracy.”
My favorite quote from the piece:
“Private investors do part with their money when uncertainty subsides; competition does tend to improve quality; markets do have a knack for allocating resources, at least when incentives are correctly aligned and the relevant costs are priced in.”
It’s worth the read.