Wednesday, June 14, 2006

The Edge of Austrian Theory

Here's another question for you all to ponder with me:

How does the Austrian school identify and adress in terms of its praxeological consequences the phenomena of addiction, and other impulse-driven behavior? I believe that most people are able to control their impulses, but even momentary laspses can lead to a third beer, a second child, etc.

I guess you could say that the experience or expectation of a pleasure can in some cases warp a person's time-preference, cloud their judgment, or otherwise make them do dumb stuff they wouldn't do in a "right" state of mind.

I'm not saying people are any less responsible for their actions, but I think it's a given that people are generally going to experience a corresponding rise in their time preference with a rise in their... well, you know.

Any thoughts or comments of interest?

I'll describe later WHY I'm thinking about this, so tune in, same Bat Time, same Bat Channel!

1 comment:

Jenny said...

Actually, I don't remember addiction ever coming up in a staunch Austrian setting. As for behavior that might lead to less-than-desirable consequences, the mighty hand to the insurance company keeps everyone in check. Definitely something there for a future post.