Improving Decisions About Health, Wealth, And Happiness

2063 WordsFeb 18, 20159 Pages
Public policy Nudge: Improving decisions about health, wealth, and happiness According to both Thaler and Sunsteins most human beings do not make decisions that are characterized in the elementary economics textbooks. However, the decisions should be along rich suggestions that enable people to come up with better choices for both ourselves and the society. Various people are likely to be surprised after learning that conditions and the setting in which individuals make the decisions normally tend to influence the choices that are made. This tendency is also likely to affect the decisions that have more significant consequences. This may include for instance how much a family saves and how they also invest, the kind of mortgage they are…show more content…
For this reason people may tend to think that certain settings are neutral since we are used to them. However the person that presents the choices will in most cases tend to bias the decisions in one way or another (Thaler, et al. 61). Thaler and Sunstein in this case tend to bring up arguments for the reason why individuals should be left especially when it comes to making their own choices. This implies that the government ought to stay away and it should have very little practical force. A lot of important areas of choice which matter for instance are when the overuse of the medical care tends to drive the insurance premiums as well as the taxes up. In this regard therefore the operative question seizes to be on whether to bias individuals decisions but rather in what direction. Both Thaler and Sunstein tend to apply their line of argument in the following areas which include savings, energy consumption, and teen pregnancy, smoking and borrowing among others. Some of the main objectives are basically to reshape the public policy. It is very clear that some of the suggestions that they care most about tend to apply in way through which the government can offer guidance to the choices that are made by the citizens. In this regard according to the book is to nudge the people towards safer, healthier as well as a live that is more prosperous while trying to address some of the pressing issues such as the rising cost especially
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