Wantonly adapted from that bit in Monty Python’s “Life of Brian”


 They’ve taken over, the b*****ds. They’ve dismantled what we thought we knew, and not just what we thought we knew, but what our fathers thought they knew, and what our fathers’ fathers thought they knew.

LORETTA: And what our fathers’ fathers’ fathers thought they knew.

REG: Yeah.

LORETTA (STAN): And our fathers’ fathers’ fathers’ fathers.

REG: Yeah. All right, Stan. Don’t labour the point. And what have they ever given us in return?!

XERXES: Choice Architecture?

REG: What?

XERXES: Choice Architecture.

REG: Oh. Yeah, yeah. They did give us that. Uh, that’s true. Yeah.

COMMANDO #3: And System 1.

LORETTA: Oh, yeah, System 1, Reg. Remember how we used to think everyone actually thought about everything?

REG: Yeah. All right. I’ll grant you Choice Architecture and System 1 are two things that the behavioural economists have done.

MATTHIAS: And Heuristics and Biases.

REG: Well, yeah. Obviously Heuristics and Biases. I mean, Heuristics and Biases go without saying, don’t they? But apart from System 1, Choice Architecture, and Heuristics and Biases —

COMMANDO: Anchoring.

XERXES: Loss Aversion.

COMMANDO #2: Prospect Theory.

REG: Yeah, yeah. All right. Fair enough.

COMMANDO #1: And Hyperbolic Discounting.

COMMANDOS: Oh, yes. Yeah…

FRANCIS: Yeah. Yeah, that’s something we’d really miss, Reg, if the Romans left.

COMMANDO #1: The Endowment Effect.

LORETTA: And it’s safe to talk about the Law of Small Numbers in the streets at night now, Reg.

FRANCIS: Yes, they certainly know how to keep numerical order… let’s face it, they’re the only ones who could in a place like this.

COMMANDOS: Hehh, heh. Heh heh heh heh heh heh heh.

REG: All right, but apart from System 1, Hyperbolic Discounting, the Endowment Effect, Prospect Theory, Loss Aversion, Anchoring, Heuristics and Biases, the Law of Small Numbers, and Choice Architecture, what have behavioural economists ever done for us?

XERXES: Introduced Libertarian Paternalism?

REG: Oh. Libertarian Paternalism? Shut up!