Looks like Nudge has made it into the Indian Fed. Talking about global financial turmoil, Shyamala Gopinath, Deputy Governor at the Reserve Bank of India (the country’s Central Bank), cited the book in a speech last week, and asked if Indian financial policymakers could “take a cue” from behavioral economics and the concept of choice architecture.
Lastly, on the issue of selling of complex products, we have to collectively work towards a viable framework. What is the solution? In this context I would like to recount the application of a surprisingly simple idea to the realm of public policy that has received tremendous attention after being advocated by Richard Thaler and Cass Sunstein in their international bestseller “Nudge.”
Amol Agrawal, who first noticed this speech, is pleased by Gopinath’s question about the adaptability of choice architecture. Nudge enthusiasts everywhere may be able to find a new audience for their insights.
Tags: financial crisis