Economics Nobel winner, Prof. Richard Thaler, and his discredit of rational assumptions that have underwritten the entire economics profession

Some people say that when they receive an unexpected or extra sum, say a cash gift for example, they tend to spend more frugally/rationally based on the fact that they have already budgeted their expenses on the cash they had before the extra was given to them. Others rather spend it prodigal ly/irrationally for the same reason. Most people think belong to the former (frugal) category but in actual fact they are belong the latter (prodigal) category. What am i saying? Most people think they are rational but are in actual fact irrational. This is what Richard Thaler has finely substantiated in his contributions to the entire economics profession at large.

However, without first establishing how much rational a consumer can be, you cannot possibly tell how much irrational they can be. And so this is why the field of economics is mostly based on the assumption that people often act rationally. In conclusion, Richard Thaler shouldn't be discrediting or casting doubt on the “all else equal”–type assumptions that underwrote the entire economics profession at large. Rather, he should describe the rational economics as 'first degree' and irrational economics as 'second degree'.