The Origin and Evolution of the Homo Economicus Model Cover Image

Powstanie i ewolucja modelu homo economicus
The Origin and Evolution of the Homo Economicus Model

Author(s): Kalina Grzesiuk
Subject(s): Economy
Published by: Towarzystwo Naukowe KUL & Katolicki Uniwersytet Lubelski Jana Pawła II
Keywords: economic human; homo economicus; theory of economy; rationality of the decisions of social actors

Summary/Abstract: The article is a synthetic presentation of the way the functioning of man is perceived in economy from the perspective of economic sciences. The homo economicus model in its classical form has been presented here, but also its evolution in the views of representatives of various currents of the theory of economy. Factors have been pointed to that limit the full rationality of decisions made by individuals in economic life, which rationality was assumed in the original form of the model. Among them the effect of the growing heterogeneity of economic life and of the phenomena of social, psychological, political or ethical character are mentioned most often. Despite these limitations, to make possible the building of these mathematical and econometric models of phenomena appearing in the market sphere, it is necessary to accept certain simplifying assumptions. The economic human model, to a large degree modified with respect to its original conception that had its sources in classical economics, in many economists’ opinion is still a useful construct making it possible to describe and predict the behavior of individuals in the economic sphere.

  • Issue Year: 42/2014
  • Issue No: 2
  • Page Range: 253-288
  • Page Count: 36
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