The Concept of Homo Economicus in Economic Theory: An Outline of the Evolution
DOI:
https://doi.org/10.25312/2391-5129.23/2016_157-176Keywords:
homo economicus, rationality, homo bi-economicus, homo satisfaciendus, homo sociologicus, homo socio-economicus, homo sustinens, homo sapiens economicus, homo reciprocansAbstract
The evolution and progress in economic studies that have occurred in the past five decades provide a theoretical basis for changing the paradigm of homo economicus. Today, economics is constantly expanding and becoming more and more diverse internally, combining its own reflections with other social sciences, chiefly psychology, sociology and philosophy. As part of the interdisciplinary exchange, new methodologies and scientific approaches are emerging that are directed towards a more holistic view of economic processes and the functioning of entities in the market. Thus, the classical axiom of a rational man is being abandoned, with the concept of an emotional man gaining in importance. This approach resulted in the emergence of alternative ways of understanding homo economicus. This article aims to outline the concept of homo economicus. The issues herein do not describe its whole range, but only selected elements. The first part focuses on the origins and elements of the homo economicus concept. Further, the most important criticisms of this notion are discussed, together with the most significant alternative ways of understanding homo economicus.
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