The Origin and Evolution of the Homo Economicus Model
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.
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