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"Escaping Paternalism" Book Panel

Hayek Program Podcast

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The Formation of Preferences by E. S. Sandras

Economics from the inside out and economics from the outside in are two different kinds of knowledge problems. Behavioural economists believe they found relevant scientific knowledge that the planner, the theorist or the policy maker may have access to in a way that the individual does not. And so essentially what they are saying is, you have biases operating in your choices, and you're unaware of them. So it might very well be the case that behavral economists can share that scientific knowledge with people. It's up to the individual to decide how to process that and apply it to their own particular case.

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