Homo Economicus


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Homo Economicus

A person that desires to maximize his/her needs or desires. Homo economicus is used most of the time to refer to the rational economic actor, who desires wealth, does not desire to work if it can be avoided, and is able to find ways achieve those ends. This assumption is accepted by many economists, especially those who follow rational choice theory, but it remains controversial. The concept of homo economicus was developed by utilitarian thinkers, and contrasts with the constructs of behavioral economics.
References in periodicals archive ?
Homo economicus and homo sapiens / At the start of the book, Thaler distinguishes between "Econs" and "Humans.
They were trapped within market-oriented worldviews that privileged Homo economicus as the purest expression of human nature.
In the final chapter of the book, Demsetz introduces the interdisciplinary debate on human species, now commonly referred to as the Homo Economicus.
After all, living in a world that assumes we are homo economicus can encourage selfish habits.
The former is the realm of homo economicus, the latter is based on real man The former allows for government action to achieve various goals or to fix some technical problem in the economy, while the latter is largely constrained against doing so The replacement of classical liberalism with the modern economist's mindset has thereby opened Pandora's box of government intervention and redistribution.
Thus, I will show that the homo economicus is an individual.
In a recent conversation with the Frankfurter Allgemeine Zeitung, Agamben made clear that it isn't Germany but rather the broad paradigm of homo economicus that he wants to question, and no doubt he would be sympathetic to Deller's colossus returning from the grave to defend the public sphere from the increasingly totalizing forces of private capital.
Father Sirico finds that the concept of homo economicus is too limiting in thinking about humans in their economic relationships.
As soon as these fade out from the moral vision of the businessman, we have a different kind of homo economicus before us who cares for different things and acts in different ways.
Since many apparent deviations from economic theory have been identified, behavioral economists conclude that homo economicus does not always accurately reflect the behavior of homo sapiens.
In the Value of Nothing you talk about Homo economicus.
Indeed, Homo economicus -- that figurative species of human who rationally and dispassionately maximizes his or her economic gain -- has given way to Homo humanus -- the individual who is subject to all the inherent foibles, flaws, and feelings that come with being human.