Hayek's extended mind: on the (im)possibility of Austrian behavioural economics
Journal of Institutional Economics March 7, 2024 Erwin Dekker, Blaž Remic
Abstract Recent work has argued for a Hayekian behavioural economics, which combines Austrian economics with behavioural economics as developed by Kahneman, Thaler, Sunstein, and others. We suggest that this hybrid is misguided because it relies on individual cognitivism. This view of cognition is incompatible with the Hayekian view of cognition which treats rationality as an emergent...