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Soft Interventionism: A Hayekian Alternative to Libertarian Paternalism

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  • Nick Cowen
  • Aris Trantidis

Abstract

Are behavioral interventions consonant with a free society? Rizzo and Whitman argue that behavioral interventions aimed at addressing self-harms are premised on an unrealistic neoclassical account of rationality. We show that the rejection of neoclassical assumptions is warranted but does not exhaust the case for what we call “soft interventionism.†Following Hayek’s emergent account of human action and defense of a defined role for legislation to address social challenges in commercial spontaneous orders, we argue that soft interventionism is a less intrusive form of state intervention to tackle the blurred boundaries between externalities and internalities. Nudges can be justified so long as the interventions are proportionate, based on subsidiarity, and scientifically informed.

Suggested Citation

  • Nick Cowen & Aris Trantidis, 2021. "Soft Interventionism: A Hayekian Alternative to Libertarian Paternalism," Review of Behavioral Economics, now publishers, vol. 8(3-4), pages 341-360, December.
    • Handle: RePEc:now:jnlrbe:105.00000146
    DOI: 10.1561/105.00000146
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    More about this item

    Keywords

    Nudges; libertarian paternalism; Hayek; market process; Austrian economics; autonomy; classical liberalism;
    All these keywords.

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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