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 ?
Who are the economic men and women, and who the altruists?
Personal capital, social capital, human development, and the different economic men
The new concept of personal capital can be used to gain further insight into the different economic men and how they contribute to the whole of economics.
There is real virtue in recognizing the power of the incentives created by the social institutions of constitutionally constrained government, private property, and market exchange to lead economic men, clods that they may be, to generate social outcomes far better than the most virtuous people could generate without those institutions.
It is that the humans that get addicted or avoid addictions are much more than simply rational or irrational economic men.
If two economic men play this game, there will be a unique subgame perfect equilibrium: the proposer offers the minimum possible positive sum of money to the respondent, and the respondent accepts, something being preferable to nothing.
His findings lead him to conclude, inter alia, that medieval English lords were rational economic men and that King William's taxation was not "arbitrary" and depended on ability to pay - "subject to the political constraint of placating his powerful barons" [p.