Austrian behavioral economics

Glen Whitman

Journal of Institutional Economics, 2022, vol. 18, issue 3, 449-466

Abstract: This paper explores the potential for gains from trade between Austrian and behavioral economics, with a focus on how the two schools of thoughts can constructively critique each other. Among other things, the Austrian critique of behavioral economics would urge it to jettison its restrictive and axiomatic definition of rationality, and to treat humans as active agents rather than passive recipients of environmental and cognitive influences. Meanwhile, the behavioral critique of Austrian economics would push it to take more seriously the fundamental question of how individuals arrive at choices and to analyze how such choices can interact with ‘micro-institutional’ choice environments.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jinsec:v:18:y:2022:i:3:p:449-466_8

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