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Escaping Paternalism - Rationality, Behavioral Economics, and Public Policy (Hardcover)
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Escaping Paternalism - Rationality, Behavioral Economics, and Public Policy (Hardcover)
Series: Cambridge Studies in Economics, Choice, and Society
Expected to ship within 12 - 17 working days
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The burgeoning field of behavioral economics has produced a new set
of justifications for paternalism. This book challenges behavioral
paternalism on multiple levels, from the abstract and conceptual to
the pragmatic and applied. Behavioral paternalism relies on a
needlessly restrictive definition of rational behavior. It neglects
nonstandard preferences, experimentation, and self-discovery. It
relies on behavioral research that is often incomplete and
unreliable. It demands a level of knowledge from policymakers that
they cannot reasonably obtain. It assumes a political process
largely immune to the effects of ignorance, irrationality, and the
influence of special interests and moralists. Overall, behavioral
paternalism underestimates the capacity of people to solve their
own problems, while overestimating the ability of experts and
policymakers to design beneficial interventions. The authors argue
instead for a more inclusive theory of rationality in economic
policymaking.
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