Homo economicus

Homo Economicus is 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 economicus comes from the combination of two other terms - homo sapiens (humans) and economics. Homo economicus can also be understood as economic man. The concept of homo economicus is highly discussed in economics, sociology, psychology and antropology studies.

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