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"Escaping Paternalism" Book Panel

Hayek Program Podcast

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The Conceptual Challenge on the Rationality Front

behaviora economists have this reputation for having disproven the old neo classical variety of rationality used by most economists. But although they've rejected that variety of rationality for descriptive purposes, it turns out that they swalloted whole for normative purposes. So what is our response to these claims of alleged irrationality on the basis of inconsistency? Well we say that this was never a sound way of defining rationality. And as an alternative, marioni introduce the idea of inclusive rationality which preserves the idea that people engage in purposeful behavior subject constraints but also more realistic and not placing so many unnecessary restrictions on what would constitute rational behavior.

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