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?'
There is an old saying that the course of civilization is a race between catastrophe and education. In a democracy such as ours, we must make sure that education wins the race.
I kept always two books in my pocket, one to read, one to write in.
When you run into something interesting, drop everything else and study it.
Everyone engaged in research must have had the experience of working with feverish and prolonged intensity to write a paper which no one else will read or to solve a problem which no one else thinks important and which will bring no conceivable reward - which may only confirm a general opinion that the researcher is wasting his time on irrelevancies.
A capacity, and taste, for reading, gives access to whatever has already been discovered by others. It is the key, or one of the keys, to the already solved problems. And not only so. It gives a relish, and facility, for successfully pursuing the [yet] unsolved ones.
When you're a kid, you learn whatever your parents think until you start taking in media. Because all your friends are your age as well, media is the third parent that you ever have. So I think about that a lot, what visual imagery is teaching us, and media in general having a huge impact.
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