Abstract
I comment on Sunstein's paper proposing 'Hayekian behavioural economics'. In essence, Sunstein is merely renaming a familiar approach to normative economics, initiated in Sunstein and Thaler's seminal 2003 paper. I argue that this approach cannot fairly be described as in the spirit of Hayek's work. Sunstein's approach is based on a 'constructivist' conception of rationality that Hayek consistently criticized. Although both Hayek and Sunstein address 'knowledge problems', the two problems are fundamentally different. I develop what I claim are truly Hayekian critiques of Sunstein's claim that fuel economy mandates can be more Hayekian than carbon taxes.
| Original language | English |
|---|---|
| Pages (from-to) | 189-198 |
| Number of pages | 10 |
| Journal | Behavioural Public Policy |
| Volume | 7 |
| Issue number | 1 |
| Early online date | 27 May 2021 |
| DOIs | |
| Publication status | Published - Jan 2023 |
Keywords
- division of knowledge
- Hayek
- Hayekian behavioral economics
- Sunstein
- welfare economics
Projects
- 2 Finished
-
The Network for Integrated Behavioural Science - The Science of Consumer Behaviour
Starmer, C., Turocy, T., Brown, G., Chater, N., Cubitt, R., Fletcher, A., Gathergood, J., Isoni, A., Lomes, G., Lyons, B., Read, D., Stewart, N. & Sugden, R.
Economic and Social Research Council
1/10/17 → 30/06/22
Project: Research
-
Reconstructing normative economics on a foundation of mutual advantage
Sugden, R., Isoni, A. & Zheng, J.
1/01/16 → 30/06/21
Project: Research
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