Thaler is a unit of currency that originated in Europe, particularly in the 16th century. It was initially a silver coin known as the Joachimsthaler, named after the valley of Joachimsthal in what is now the Czech Republic. The thaler became widely used across various regions and eventually influenced the development of modern currencies, including the dollar. The term "thaler" also refers to the concept of behavioral economics, popularized by economist Richard Thaler. He introduced ideas about how psychological factors affect economic decision-making, challenging traditional economic theories that assume people always act rationally. Thaler's work has had a significant impact on understanding consumer behavior and public policy.