This paper aims to examine whether libertarian paternalism(LP) reflects theideas of behavioral economics and to compare it with the doctrine oflaissez-faire(LF). Due to its preoccupation with setting the default value, LPfails to highlight the concepts of reference-dependence and context-specificity.LP differs from LF in its reliance on so-called “nudges” as a form ofintervention, despite their common adherence to individuals’ freedom tochoose. Moreover, LP may propose regulating advertisements on the part offirms to exploit consumers’ imperfect rationality and thus may criticizemarket-based economies. Furthermore, LP may make allowances for socialfactors, as exemplified by Sunstein.