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Libertarian Paternalism: Making Rational Fools

Author

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  • D. Wade Hands
Abstract
This paper examines criticisms of libertarian paternalism, focusing in particular on so-called knowledge problems: the set of problems associated with the question of whether a choice architect would, or even could, have sufficient information to implement a successful libertarian paternalist policy. The paper builds on arguments presented in Mario Rizzo and Glen Whitman’s book Escaping Paternalism: Rationality, Behavioral Economics and Public Policy (2020). Although the paper supports Rizzo and Whitman’s arguments about knowledge problems, it moves in a different, more social, direction when it comes to the implications of these criticisms for microeconomic-based governmental policy more generally.

Suggested Citation

  • D. Wade Hands, 2021. "Libertarian Paternalism: Making Rational Fools," Review of Behavioral Economics, now publishers, vol. 8(3-4), pages 305-326, December.
    • Handle: RePEc:now:jnlrbe:105.00000144
    DOI: 10.1561/105.00000144
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    Citations

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    Cited by:

    1. Carlsson, Fredrik & Johansson-Stenman, Olof & Kataria, Mitesh, 2024. "How Much Liberty Should We Have? Citizens versus Experts on Regulating Externalities and Internalities," Working Papers in Economics 841, University of Gothenburg, Department of Economics.
    2. Luca Congiu & Ivan Moscati, 2022. "A review of nudges: Definitions, justifications, effectiveness," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 188-213, February.

    More about this item

    Keywords

    Behavioral economics; nudging; paternalism; rational choice; welfare;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D6 - Microeconomics - - Welfare Economics
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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