Academia does not provide many opportunities for immediate gratification. You work for two years on a project, it takes two more years to get it published, and then you start hoping someone might read it.
Interpretation
Academia often requires long-term effort without immediate rewards.
Richard Thaler’s quote highlights the delayed gratification inherent in academic work. It emphasizes that the process of conducting research and publishing findings is lengthy, often taking years before any recognition or impact is realized, creating a challenging environment for those seeking quick rewards in their efforts.
In practice
Referencing this quote during a seminar about the challenges of academic publishing.
The ability of businesses to monitor our behavior is already a fact of life, and it isn't going away. Of course we must protect our privacy rights. But if we're smart, we'll also use the data that is being collected to improve our own lives.
If you're trading individual securities, you're almost certainly making a mistake. Because most professional managers can't outperform their benchmarks, and there's little reason to think that individuals can.
When an economist says the evidence is "mixed," he or she means that theory says one thing and data says the opposite.
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.
In the world of traditional economics, it shouldn't matter whether you use an opt-in or opt-out system. So long as the costs of registering as a donor or a nondonor are low, the results should be similar. But many findings of behavioral economics show that tiny disparities in such rules can make a big difference.
My thesis topic was 'The value of a human life.' I asked people a question: 'Suppose you had some risk, a one in a thousand risk of dying - how much would you pay to eliminate it?'
I seldom read anything that is not of a factual nature because I want to invest my time wisely in the things that will improve my life. Don't misunderstand; there is nothing wrong with reading purely for the joy of it. Novels have their place, but biographies of famous men and women contain information that can change lives.
Too rarely is the individual teacher so free from the dictation of authoritative supervisor, textbook on methods, prescribed course of study, etc., that he can let his mind come to close quarters with the pupil's mind and the subject matter.
The so-called modern education, with all its defects, however, does others so much more good than it does the Negro, because it has been worked out in conformity to the needs of those who have enslaved and oppressed weaker peoples.
Education is a human right with immense power to transform. On its foundation rest the cornerstones of freedom, democracy and sustainable human development.
Anyway -- because we are readers, we don't have to wait for some communications executive to decide what we should think about next -- and how we should think about it. We can fill our heads with anything from aardvarks to zucchinis -- at any time of night or day.
Men we shall have only as we make manhood the object of the work of the schools - intelligence, broad sympathy, knowledge of the world that was and is, and of the relation of men to it - this is the curriculum of that Higher Education which must underlie true life.
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