Rethinking Economic Paternalism

On this episode Mark talks with Mario Rizzo, co-author of “Escaping Paternalism: Rationality, Behavioral Economics, and Public Policy.” In the book, Rizzo makes the case that economists, policy makers, and psychologists have developed an overly restrictive view of ‘rational behavior,’ and that this causes problems for institutions and governments seeking to promote certain types of behavior over others. Rizzo challenges the idea that experts and policymakers can always design beneficial interventions, and instead argues for a more inclusive theory of rationality in policy making.