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Economists explain our messy lives
Business Standard
|February 23, 2026
Everyone sounds smarter when they argue in the language of economics.
Is it a costly giveaway to make city buses free? Well, not if you calculate the positive externalities. Will adding new lanes to a highway make traffic flow better? Let me tell you about induced demand.
It's seductive, this ability to make byzantine phenomena appear as orderly, rule-bound systems, magically conforming to the logic of supply and demand. Three new books apply an economist’s lens to notably messy aspects of our lives — from individual behaviour to war and nature.
The “nudge” school of behavioural economics shot to prominence in 2008 with a book of that name by Cass Sunstein and Richard Thaler. (Thaler went on to win a Nobel Prize) Their theory: Policies that encourage — or nudge — people to make good choices can succeed better than legislative decrees.
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