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Economic analysis of law --- Austria

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The burgeoning field of behavioral economics has produced a new set of justifications for paternalism. This book challenges behavioral paternalism on multiple levels, from the abstract and conceptual to the pragmatic and applied. Behavioral paternalism relies on a needlessly restrictive definition of rational behavior. It neglects nonstandard preferences, experimentation, and self-discovery. It relies on behavioral research that is often incomplete and unreliable. It demands a level of knowledge from policymakers that they cannot reasonably obtain. It assumes a political process largely immune to the effects of ignorance, irrationality, and the influence of special interests and moralists. Overall, behavioral paternalism underestimates the capacity of people to solve their own problems, while overestimating the ability of experts and policymakers to design beneficial interventions. The authors argue instead for a more inclusive theory of rationality in economic policymaking.

Economics --- Rational choice theory. --- Paternalism --- Parentalism --- Social classes --- Social control --- Social systems --- Social choice --- Behavioral economics --- Behavioural economics --- Psychological aspects. --- Economic aspects.

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"Austrian Economics Re-examined: The Economics of Time and Ignorance is an expanded version of the 1996 edition of The Economics of Time and Ignorance. This work is a classic statement of the role of subjectivism, radical uncertainty and change through real time in Austrian economics specifically, and in modern economics more generally.The new book contains the full text and Introductions of the earlier edition as well as the comprehensive previously-unpublished essay "What is Austrian Economics?" and a new Introduction. The essay is a comprehensive overview of the central themes of the book from a somewhat different perspective than in the book itself. It supplements the analysis in the book. The new Introduction explains that the 2007-8 financial crisis and recent developments in behavioural economics have made the book more relevant than ever before.Austrian Economic Re-examined develops and systematizes the fundamental principles of the Austrian tradition to the analysis of rational expectations, business cycles, monetary theory competition and monopoly, and capital theory"--

Austrian school of economics. --- Time and economic reactions. --- Uncertainty. --- Reasoning --- Time lag and economics --- Economics --- Statics and dynamics (Social sciences) --- Austrian school of economists --- Marginalist school of economics --- Schools of economics --- Marginal utility --- equilibrium --- israel --- kirzner --- knightian --- lachmann --- ludwig --- mises --- rms --- stochastic --- von

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Economic schools --- Austria --- Methodology of economics --- Austrian school of economics --- Time and economic reactions --- Uncertainty