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.
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Relying on the assumption of homo-economicus as an accurate portrayal of man, classic liberals envisage a world in which--rather than a state of literal and physical war--men are free to rationally and ruthlessly compete in the marketplace under the governance of natural market laws.
by use of reason.' (99) This assertion of the self saw the coming-of-age of homo-economicus, with the revolution not only won by the bourgeoisie, (100) but also formative of the bourgeoisie (101) as a distinct class with interests of its own.
Homo-economicus occupies centre stage and, following Brennan and Lomasky (1993), homo-economicus can be described by three axioms: (a) that the individual is rational; (b) that the individual is egoistic; (c) that egoism takes the form of economic self-interest in narrowly defined terms (i.e.
For some time, it has been clear that the predicted behavior of homo-economicus is not the behavior of individuals in experimental economics.