Nobel gets it wrong

Re: Making economics human again — Oct. 10

Richard Thaler won the Nobel Prize for economics for his research related to the bad investment decisions ordinary people make. A huge number of working people, after many years of work, do not have decent pension and basically are on the brink of poverty.

I think many economic theories are imagined to explain how to take money from ordinary people through taxes, insurance companies, bank interest rates, and so on. To properly invest money for retirement, you probably need a degree in economics to avoid market traps.

It seems to me the Nobel committee has the wrong criteria for awarding the prize. It would be better if economics professors help governments create better funds that will provide decent pensions for people after retirement. Liberal capitalism and its economical theories do not provide a better life for a huge part of the population and have to be changed with more social theories and laws to make life better and easier for the entire population.

The first task of the economy as a political tool is to create a base and formulate laws that will protect the working population and prevent today’s system that forces workers to accept lower salaries and everything that follows. I really wish to see the economics human again. Aljosa Mujagic Kitchener