E-Books →New Paternalism Meets Older Wisdom Looking to Smith and Hume on Rationality, Welfare and Behavioural Economics

He argues that the new paternalist approach to policy is far too prescriptive, relying on inappropriate conceptions of rationality and welfare. And he looks to the works of two giants of economics and philosophy - Adam Smith and David Hume - for a richer vision. He places Smith and Hume's 18th-century writings into a contemporary context - and concludes that today's practitioners could learn much from their wisdom.
This wisdom, he contends, acknowledges the deep complexities of rationality and welfare. It shows why policymakers should focus on securing citizens the freedom to cultivate their interests, and why regulators should employ the power of persuasion - rather than paternalism - to help individuals help themselves.