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Abstract

This paper gives an overview of my recently published book, The Community of Advantage: A Behavioural Economist’s Defence of the Market. I explain that my stance as author is that of a behavioural economist and an economic liberal. The book is an attempt to counter the widespread belief that the findings of behavioural economics justify regulatory interventions in the economy that would previously have been thought unacceptably paternalistic. I argue that competitive markets are desirable, not as an efficient means for satisfying the given preferences of assumedly rational individuals, but as an institutional structure that provides opportunities for whatever voluntary transactions people might want to make.
Original languageEnglish
Pages (from-to)417-423
Number of pages7
JournalEconomic Affairs
Volume39
Issue number3
DOIs
Publication statusPublished - Oct 2019

Keywords

  • behavioural economics
  • competitive market
  • mutual benefit
  • contractarianism

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