Book Review: Thinking, fast and slow
Author: Daniel Kahneman Subject: Behavioral economics, decision-making Year: 2011 ISBN: 9780374275631 The title well deserved the acclaim as a landmark work in the realm of economics. Consolidating decades of research finding in behavioural and cognitive psychology, Kahneman, along with his lifelong fellow Amos Tversky, sharply pinpointed the shortcomings of the contemporary doctrine of economics, i.e. the ideation of human being to the so-called "Econ", someone who is always consistent in his or her preferences and know exactly what he or she wants all the time. As demonstrated by the monumental evidence in the book, human beings are, through the instinctive "System 1" and to some degree the endorsement of the deliberative "System 2", far from rational in that sense. Numerous phenomena under which these errors could occur have been addressed, includi...