In this clip (4:22) from British news hub The Guardian, Israeli-American psychologist Daniel Kahneman breaks down the concept of slow and fast thinking and explains why it matters. Simple though it may seem, this new way of conceptualizing human thought processes has major implications for the field of behavioral economics. In 2002, Kahneman was awarded Israel’s first Nobel Prize in Economic Sciences “for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty.”