Homo economicus

Homo Economicusis the theoretical portrait of a human who is consistently rational and self-interested. The main motive of all transactions and actions are deriving from rational egoism (D. A. Urbina and A. Ruiz-Villaverde, 2019). The term homo economicuscomes from the combination of two other terms - homo sapiens (humans) and economics. Homo economicus can also be understood as economic man.

Homo economicus

Homo economicus

Characteristics of homo economicus

Homo economicuscan be descirbed as:

References

• Ailon G. (2020), The Phenomenology of Homo Economicus. Sociological Theory, (38.1),36-50.
• Leonard L. (2006), In Search of Homo Economicus: Cognitive Noise and the Role of Emotion in Preference Consistency Journal of Consumer Research, vol. 36, no. 2, pp. 173–87.
• Urbina D. A. and Ruiz-Villaverde A. (2019), A Critical Review of Homo Economicus from Five Approaches. American Journal of Economics and Sociology, (78), 63-93.

Author: Nikita Shtemenko