EXTRA: People Aren’t Dumb. The World Is Hard. (Update)

This podcast episode explores the field of behavioral economics through an interview with Richard Thaler, a Nobel Prize-winning economist. Thaler's research challenged traditional economic models and his ideas are now being implemented worldwide. The episode also discusses the concept of supposedly irrelevant factors and the integration of psychology and economics in behavioral economics. Thaler shares his experiences winning the Nobel Prize and reflects on the impact of behavioral economics on finance. The episode concludes with discussions on economic meltdowns, bubbles in different markets, and the importance of removing barriers to influence people's behavior.