Chapter 2: Austrian Critiques of Behavioral Economics: Common Misconceptions and Low-Hanging Fruit

What is behavioral economics? This chapter explores a mismatch between what is included in the field of behavioral economics and some of the most visible Austrian critiques of behavioral economics. While paternalism, nudging, and a focus on irrationalities and biases are a big part of modern behavioral economics, the portrayal of the field of behavioral economics as being focused predominately upon those areas leaves a swath of low-hanging fruit that would be beneficial for Austrian scholars to consume and use in their own work.