Austrian Economics: An Empirical and Experimental Science

by Mario Rizzo I have been doing research on the ideas of the first-generation Austrian economists (Menger, Wieser and Boehm-Bawerk) as they relate to contemporary developments in behavioral and experimental economics. I have come upon a number of interesting things. I expect to share some of them here as well as in a soon-forthcoming paper. … Continue reading Austrian Economics: An Empirical and Experimental Science

“Rationality” isn’t always Rational

by Mario Rizzo Over the past two years I have been reading more than I ever dreamed about rationality in economics, especially in the standard neoclassical theory of choice. I have done this because I want to get at the root of the controversies concerning whether people’s behavior is, in particular contexts, rational or not.  Claims about … Continue reading “Rationality” isn’t always Rational

The Blinders of Behavioral Economics

by Mario Rizzo  At the turn of the new-year the Financial Times published two small articles about why people often do not adhere to their new year’s resolutions. One article was by a philosopher (Julian Baggini) and the other by a psychiatrist (Antonia Macaro). Interestingly, they each seem to focus on whether people really want … Continue reading The Blinders of Behavioral Economics