Homoeconomicus: the ultimate representative of rational economic behavior

Abstract

Homoeconomicus is the top player of economics. Economic theoretical insights, models, approaches and frameworks are built upon homoeconomicus also known as economic human. In order to act consistent with the theory and not to violate its basic tenets, homoeconomicus is equipped with some spesific characteristic properties. Homoeconomicus is designed as an unemotional, selfish, rational utility maximizer. In other words homoeconomicus was born as a perfect representative of the theory. So it is a dual structure both supports each other. This research aims to better understand homoeconomicus and why and how homoeconomicus fails in real economic life.

Keywords

• Homoeconomicus,rationality,irrationality

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