The death of homo economicus
Purpose – This paper draws upon the work of Georgescu-Roegen to outline some theoretical alternatives to standard welfare theory, and to examine the policy implications of discarding the Walrasian core of neoclassical economics. Design/methodology/approach – Current work in behavioral economics and game theory shows that economic behavior depends on social context, a point understood by social economists for a hundred years or more. This work is related to Georgescu's contributions to utility theory and bioeconomics. Findings – Neoclassical welfare economics continues to dominate economic theory and policy even though its theoretical foundations, economic man and perfect competition, have been discredited by mainstream theorists. Economic processes take place in specific social contexts and also coevolve with the biophysical universe. Practical implications – Although modern economics is incorporating many of Georgescu's insights about human preferences it has yet to come to grips with the fact that human economic activity is shaped by its biophysical context. It is believed this should be a major focus of future economic research. Originality/value – Provides further insights into welfare theory and bioeconomics.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 32 (2005)
Issue (Month): 11 (November)
|Contact details of provider:|| Web page: http://www.emeraldinsight.com|
|Order Information:|| Postal: Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK|
Web: http://www.emeraldinsight.com/ijse.htm Email:
When requesting a correction, please mention this item's handle: RePEc:eme:ijsepp:v:32:y:2005:i:11:p:924-938. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Virginia Chapman)
If references are entirely missing, you can add them using this form.