Latest Issue

Decisions, decisions

Daniel Kahneman was one of the founders of behavioural economics in the 1970s. His new book shows that he remains an indispensable thinker

By Emmanuel Roman   December 2011

Taming the beasts: The Bulls and Bears in the Market (1879) by William Holbrook Beard

Thinking Fast and Slow

by Daniel Kahneman (Allen Lane, £25)

For a long time, economists have tried to deal with the problem of decision-making. Daniel Kahneman, in his new book Thinking Fast and Slow, argues that, until he and his colleague Amos Tversky started behavioural economics in the 1970s, economists had been misguided. And for better or for worse, he is mostly right.

Think of a person offered the following gamble. Flip a coin; tails wins £50 and heads, just as likely as tails,…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect