Abstract
Chapter 1 describes the liberal tradition of economics, encapsulated in John Stuart Mill’s account of the market as a ‘community of advantage’ in which individuals cooperate for mutual benefit, pursuing their respective interests, as they perceive them. This favourable view of economic freedom has often been presented in terms of ‘neoclassical’ theories that assume that individuals make rational choices based on stable, context-independent preferences. By calling this assumption into question, recent work in behavioural economics poses a challenge to accepted methods of doing normative analysis in economics and to the liberal tradition more generally. Chapter 1 introduces this challenge and gives a preliminary sketch of how the book will respond to it.
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