Responding to a request for a forecast is especially tricky for someone like me, who specializes in other people’s biases. Research in psychology suggests that certain biases are very likely to creep into my forecasts about the future of economics (or anything else).

Prof. Richard H. Thaler

Summary:

•Introduction

•Homo Economicus Will Begin Losing IQ, Reversing a 50-year Trend

•Homo Economicus Will Become a Slower Learner

•The Species Populating Economics Models Will Become More Heterogeneous

•Economists Will Study Human Cognition

•Economists Will Distinguish Between Normative and Descriptive Theories

•Homo Economicus Will Become More Emotional

•Conclusion

•References