IDEAS home Printed from
   My bibliography  Save this paper

On the Patterns of Behaviour in Digitalized Societies


  • Horst Hanusch

    (Institute of Economics, University of Augsburg, Augsburg)


The study intends (1) to look at the importance of individual rationality as the main principle of economic behaviour, incorporated best in the concept of "homo oeconomicus". (2) to show how the third technological revolution, the "digitalization of society", may transform individual behaviour in the three pillars of an economic system (real, financial, public). One major achievement of main stream economics of Western style is the "homo oeconomicus". Behind this concept stands the idea of rational man relevant for all parts in economic systems. It allows a consequent application of profit and efficiency maximizing in the real and financial sector and of vote and utility maximization in the public sector as agents' behaviour. Psychology, sociology, behaviourism, anthropology are strictly against the idea of the "homo oeconomicus". Evolutionary and Neo-Schumpeterian Economics also claim that it is wrong because it doesn’t allow to include uncertainty considerations which are a condition sine-qua-non for innovation, change and prosperity. But, is this concept completely wrong? Or is it perhaps relevant for specific parts of an economic system, if they develop within the process of digital revolution? These are the questions which will be tackled in the paper. The analysis will follow a comprehensive approach, looking at the three institutional pillars of an economy, the financial, the real and the public sector trying to work out the effects of digitalization on the patterns of behaviour. All in all, the effects of digitalization can be summarized as follows: In the financial pillar it modifies the culture of doing business from "symbiotic capitalism" to "financial capitalism" with prevailing olympic rationality. In the industrial pillar it induces changes from short term maximizing "managerial capitalism" to a long term oriented "entrepreneurial capitalism". In the public pillar it may open ways to institutional change, at least partially, from a "bureaucratic tax state" to a system of "social capitalism" with high potentials for enabling individual creativity and resilience capabilities.

Suggested Citation

  • Horst Hanusch, 2016. "On the Patterns of Behaviour in Digitalized Societies," Discussion Paper Series 330, Universitaet Augsburg, Institute for Economics.
  • Handle: RePEc:aug:augsbe:0330

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item


    Behavioural Economics ; Neo-Schumpeterianism;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D00 - Microeconomics - - General - - - General
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    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:aug:augsbe:0330. 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: . General contact details of provider: .

    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.

    We have no bibliographic references for this item. You can help adding them by using 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: Dr. Albrecht Bossert (email available below). General contact details of provider: .

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.