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Identity and Economics: Review of the Literature

Author

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  • Ploae Catalin

    (Ovidius University of Constanta, Romania)

Abstract

Classical economic theory has evolved over the last fifty years in the way that economists have abandoned the exclusive consideration of the only two market structures (perfect competition and monopoly) and the assumptions that all participants from one market have the same information as the others. Today, the economists are addressing deviations from the perfect rationality of homo economicus, such as the preconception of the present moment, formation of the behavior and aversion to loss. Economists describe the motivation in that the individual has a "utility function", which is a numeric value attached to things important to the people.The economic theory of identity, formulated by George Akerlof and Rachel Kranton, follows the progressive tradition in economics. In this paper are highlighted the theoretical foundation of the economic pillars of identity (the economics of identity) and the main areas of human activity where the theory could be observed.

Suggested Citation

  • Ploae Catalin, 2012. "Identity and Economics: Review of the Literature," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 650-652, May.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:12:p:650-652
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    More about this item

    Keywords

    economics; identity; norms; social categories.;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • P40 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - General

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