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Richard P. Feynman

Date of Birth:

12-Sep-1945

Nationality:

United States

Profession:

Richard P. Feynman was born in New York City on May 11, 1918. He studied at the Massachusetts Institute of Technology where he obtained a B.Sc. in 1939 and at Princeton University where he received his Ph.D. in 1942. He was the Research Assistant at Princeton (1940-1941), Professor of Theoretical Physics at Cornell University (1945-1950), visiting professor and subsequently appointed Professor of Theoretical Physics at the California Institute of Technology (1950-1959). He is currently Richard Chace Tolman Professor of Theoretical Physics at the California Institute of Technology.

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QUOTES BY Richard Feynman

If you want to encourage some activity, make it easy.
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Richard P. Feynman

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Behavioral economics offers a plausible explanation for overreactions by the market. For example, a long period of bad performance can lead to stereotyping.
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Whenever I'm asked to autograph a copy of 'Nudge,' the book I wrote with Cass Sunstein, the Harvard law professor, I sign it, 'Nudge for good.' Unfortunately, that is meant as a plea, not an expectation.
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In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.
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The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed in standard economic theory.
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We all need a lot of humility, and especially about the economy.
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Countries all around the world, starting with the U.K., have started behavioural insight teams, often referred to as nudge units. And they seem to be doing lots of good.
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If you're not putting enough away for emergencies or retirement, making commitments in advance, such as signing up for payroll withholding, can help.
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Richard P. Feynman

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Real people have trouble balancing their checkbooks, much less calculating how much they need to save for retirement; they sometimes binge on food, drink, or high-definition televisions. They are more like Homer Simpson than Mr. Spock.
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Arthur Laffer's idea, that lowering taxes could increase revenues, was logically correct. If tax rates are high enough, then people will go to such lengths to avoid them that cutting taxes can increase revenues. What he was wrong about was in thinking that income tax rates were already so high in the 1970s that cutting them would raise revenues.
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Lotteries are just one way to provide positive reinforcement. Their power comes from the fact that the chance of winning the prize is overvalued.
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I am all for trying to teach household finance in schools, starting as early as possible. And when it comes to high school, I think learning about compound interest is at least as important as trigonometry or memorizing the names of all 50 state capitals.
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