Senator Obama's ideas, on the other hand, draw heavily on behavioral economics, a left-leaning academic movement that has challenged traditional neoclassical economics over the last few decades. Behavioral economists consider an abiding faith in rationality to be wishful thinking. To Mr. Obama, a simpler program -- one less likely to confuse people -- is often a smarter program. Full Story »
Posted by Kaizar Campwala
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I appreciated this well written explanation of the difference between Obama's and Clinton's health care proposals; but it seems the NYTimes has eliminated the other contenders proposals. It would be a much more helpful had the story contained a capsule comparison with their health care plans. Some, in my view, are better. dci
We all have an interest in efficient and effective use of government funds, that encourage a healthy society. From this article, it is difficult to get a very precise criteria for contrasting the two (or three with Edwards') economic approaches. Is it only style, or adherence to ideology, the amount or nature of government coercion or enticement? If behavioral theory requires mandating medical deductions, would the same be true for those who want their children to attend college? The mandate for Social Security and Medicare, which is deemed the hallmark of liberal economics, obviously has worked, but what are the parameters of each approach? The Dismal Science, indeed.
while this piece has an interesting analysis, overall there seemed to be some flaws within its constuct premises about the two candidates perspectives. one is the obama-attributed view that 'abiding faith in rationality [is} wishful thinking'. so one example is his plan to have money deducted automatically for retirement savings, based on belief that people won't necessarily rationally choose to save for retirement. however his idea that given incentives to buy health insurance they will act rationally and do so.
Just generalities. Spend, spend, and then spend some more, coupled with the governments inability to do much of anything right or cheaper. UGH - spare us either, or all, plans that involve the government at all!
The publication is usually trustworthy; don't know the writer. But I wonder at labeling a perfectly respectable branch of economics 'left leaning' - that's even beyond code words. What behavioral economics as I understand it tries to do is explain why people obviously don't always act as their economic interest would indicate they should.
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