Overview

What can today's behavioural economists learn from the classical liberals of the past? Here, Erik Matson offers critical reflections on what he calls 'the new paternalism' - a modern-day approach to policy-making that aims to make individuals better off, when judged by their own standards. 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.

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Erik W. Matson is a Senior Research Fellow at the Mercatus Center at George Mason University and a Lecturer in Political Economy in the Busch School of Business at The Catholic University of America. He serves as Deputy Director of the Adam Smith Program in the Department of Economics at George Mason. Focusing on the intellectual history and philosophy of early modern political economy, his research has been widely published in academic journals and edited volumes.

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