Journal of Economic Literature
Book Reviews
2026-09-01
Daniel J. Benjamin of Cornell University reviews “Free Market Madness: Why Human Nature Is at Odds with Economics--And Why It Matters” by Peter A. Ubel,. The EconLit Abstract of the reviewed work begins “Examines the effect of the combination of human nature and free markets on our health and well-being, and considers whether the government should regulate the markets that reward those who exploit human weakness. Discusses the invisible hand meeting the unconscious brain; whether the obesity epidemic is a consequence of rational choices; bank tellers, fighter pilots, and the limits of rationality; cashews, coffee mugs, and the birth of behavioral economics; kinder, gentler paternalism; irrational tastes and bottomless soup bowls; impulsive behavior and the battle between our current and future selves; spacious lawns and long commutes; risky feelings and cigarette breaks; the price of life and the cost of health care; marketing and the science of persuasion; balancing liberty and the pursuit of well-being; and whether the government can combat obesity without becoming a “nanny state.” Ubel is a physician and Director of the Center for Behavioral and Decision Sciences in Medicine at the University of Michigan. Index.”