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Is Homo Economicus a Universal Paradigm in Economic Theory?

Author

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  • Maciej Meyer

    (Gdynia Maritime University, Faculty of Entrepreneurship and Commodities, Department of Trade and Services)

Abstract

Homo economicus is a very well known concept but a question arises whether its omnipresence equals its real, not theoretical, universality. This paper touches on the problem of the role of the paradigm with reference to the rationality and self-interest principle as well as behavioural economics, cultural differences, social and biological aspects. Values are the common thread in these aspects but what is even more important is that values differ across the world in the same way cultures do. Therefore theories or models based on the aforementioned paradigm can not yield the same results if applied in culturally different countries.

Suggested Citation

  • Maciej Meyer, 2016. "Is Homo Economicus a Universal Paradigm in Economic Theory?," Annals of Economics and Finance, Society for AEF, vol. 17(2), pages 433-443, November.
    • Handle: RePEc:cuf:journl:y:2016:v:17:i:2:meyer
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    References listed on IDEAS

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    More about this item

    Keywords

    Homo economicus; Cultures; Cultural differences; Self-interest; Rationality; Economics;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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