I think we also have learned the lesson that we have to have better incentive structures.

Recall that people like to do what most people think it is right to do; recall too that people like to do what most people actually do.

Why tie to gold? Why not 1982 Bordeaux?

Most people start claiming benefits within a year of when they become eligible, although benefits increase substantially if they wait.

So, what's a nudge? A nudge is some small feature of the environment that attracts our attention and alters our behavior.

When should we nudge and when should we shove, I think, it's a political judgment. Obviously in some situations we need shoves, we need laws. Fraud is against the law, murder is against the law, drunk-driving is against the law. We don't need just nudges.

"Save more tomorrow" is a nudge to help people do what they know they want to do, which is save more, but they can't bring themselves to save more now. Just like many of us are planning to go on diets next month, or maybe in two months, certainly not tonight.