Does Libertarian Paternalism Reconcile Merit Goods Theory with Mainstream Economics?

Stefan Mann () and Miriam Gairing

Forum for Social Economics, 2012, vol. 41, issue 2-3, 206-219

Abstract: In the wake of Musgrave's move to question the absolute hegemony of individual preferences for normative economics in the 1950's by propounding the existence of merit goods, a recent book by Thaler and Sunstein is now making a similar claim under the label of ‘libertarian paternalism’. This paper tackles the question of why the framework of libertarian paternalism has received a so much more friendly reception among economists than the theory of merit goods. The main reason is a better foundation, not only for the conditions under which paternalism may be justified but also for the tools that should be applied, utilizing transaction cost theory.

Date: 2012
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DOI: 10.1007/s12143-010-9084-3

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