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- Title
How Hayekian is Sunstein's behavioral economics?
- Authors
Sugden, Robert
- 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.
- Subjects
BEHAVIORAL economics; NORMATIVE economics; CARBON taxes; WELFARE economics
- Publication
Behavioural Public Policy, 2023, Vol 7, Issue 1, p189
- ISSN
2398-063X
- Publication type
Article
- DOI
10.1017/bpp.2021.11