Key Points
Its only rare, thus, for our discipline to accept an outsider who challenges the dominant foundations of the discipline, and yet, economics had no other option than to accept Daniel Kahneman a psychologist by training, a Nobel laureate in Economics...
Around the time when pro-market economists struggled to remain relevant with the rise of Joseph Stiglitz, George Akerlof and other economists who challenged the notions of perfectly competitive markets, Daniel Kahneman, a psychologist, hammered the last nail in the coffin of the soon-to-be-obsolete theories that dominated mainstream microeconomic thought..
In an era where economists increasingly think of themselves as doctors or plumbers who can fix problems, often by prescribing policy solutions emerging from experiments that even violate basic human dignity, one may turn to Prof. Kahneman to learn a thing or two about humility..
Economists of today, who would only take a second to dismiss their opposite camp, may learn from Daniel Kahneman beyond his contribution to the discipline itself..
At a time when most of the prominent economists refuse to take any political stand, should I have introduced Daniel Kahneman as a survivor of the Nazi aggression, who opposed the Israeli occupation of Palestine?.
