IDEAS home Printed from https://ideas.repec.org/a/rnp/ecopol/ep2001.html
   My bibliography  Save this article

Who Is Homo Oeconomicus?
[Кто такой homo oeconomicus?]

Author

Listed:
  • Kapeliushnikov, Rostislav I. (Капелюшников, Ростислав)

    (Primakov National Research Institute of World Economy and International Relations; National Research University Higher School of Economics)

Abstract

The paper traces the historical roots of the concept “economic man”, and reveals the main methodological characteristics of the rational choice model, which traditionally constituted the “hard core” of the economic approach to human behavior. The phrase Homo oeconomicus was coined in Great Britain at the end of the 19th century by critics of political economy in order to fix at the terminological level the apparent unrealisticness of the ideas the latter had developed about human being and human behavior. However, economists quickly appropriated this concept, making it neutral and starting to use it for their own analytical purposes. At the same time, they understood from the very beginning that it was nothing more than an abstract conceptual scheme, incapable of claiming descriptive realism. Accordingly, its criticism by sociologists, anthropologists and psychologists most often turned out to be untenable due to their erroneous confusion of the concepts of “analytical construct” and “anthropological type”. Next, the paper highlights the transformation of modern economics from a mono-paradigmatic into a multi-paradigmatic discipline, and the emergence within it of numerous competing models of man. In this context, several incarnations of Homo oeconomicus are discussed: the traditional (“narrow”) version; the extended (Beckerian) version; behavioral economics; neuroeconomics; and genoeconomics. The paper also provides a comparative analysis of different perceptions of man intrinsic to economics and sister social sciences. The author concludes that, in its modified and truncated form, the conventional Homo oeconomicus remains a reference point even for the latest studies in economics and psychology, where it is subject to various deconstructions.

Suggested Citation

  • Kapeliushnikov, Rostislav I. (Капелюшников, Ростислав), 2020. "Who Is Homo Oeconomicus? [Кто такой homo oeconomicus?]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 8-39, February.
  • Handle: RePEc:rnp:ecopol:ep2001
    as

    Download full text from publisher

    File URL: https://repec.ranepa.ru/rnp/ecopol/ep2001.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kapeliushnikov, R., 2017. "Status of Rationality Principle in Economics: Past and Present," Journal of the New Economic Association, New Economic Association, vol. 33(1), pages 162-166.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.

      More about this item

      Keywords

      homo oeconomicus; methodology of economics; rational choice; behavioral economics.;
      All these keywords.

      JEL classification:

      • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
      • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
      • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
      • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
      • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

      Statistics

      Access and download statistics

      Corrections

      All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rnp:ecopol:ep2001. See general information about how to correct material in RePEc.

      If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

      If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

      If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

      For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: RANEPA maintainer (email available below). General contact details of provider: https://edirc.repec.org/data/aneeeru.html .

      Please note that corrections may take a couple of weeks to filter through the various RePEc services.

      IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.