Escaping Paternalism: Rationality, Behavioral Economics, and Public Policy (Cambridge Studies in Economics, Choice, and Society) - Hardcover

Book 17 of 28: Cambridge Studies in Economics, Choice, and Society

Rizzo, Mario J.; Whitman, Glen

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9781107016941: Escaping Paternalism: Rationality, Behavioral Economics, and Public Policy (Cambridge Studies in Economics, Choice, and Society)
Hardcover
ISBN 10: 1107016940 ISBN 13: 9781107016941
Publisher: Cambridge University Press, 2020

Synopsis

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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About the Authors

Mario J. Rizzo is a professor of Economics, Director of the Foundations of the Market Economy Program, and Co-Director of the Classical Liberal Institute at New York University. He is the co-author of Austrian Economics Re-Examined: The Economics of Time and Ignorance (2014). He has published in such journals as Journal of Legal Studies, the Columbia Law Review and the UCLA Law Review.

Glen Whitman is a professor of Economics at California State University, Northridge. He is the co-editor of Economics of the Undead: Zombies, Vampires, and the Dismal Science (2014). He has published in such journals as the UCLA Law Review, the Journal of Legal Studies, and the Journal of Economic Behavior and Organization.

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Publisher
Cambridge University Press
Publication date
2020
Language
English
ISBN 10 
1107016940
ISBN 13 
9781107016941
Binding
Hardcover
Number of pages
506
Rating
  • 4.08 out of 5 stars
    24 ratings by Goodreads

Other Popular Editions of the Same Title

9781108760003: Escaping Paternalism: Rationality, Behavioral Economics, and Public Policy (Cambridge Studies in Economics, Choice, and Society)

Featured Edition

ISBN 10:  1108760007 ISBN 13:  9781108760003
Publisher: Cambridge University Press, 2020
Softcover