Is homo economics extinct?
By: Sassower, Raphael.
Material type:
ArticlePublisher: 2010Description: p.603-615.Subject(s): Economics
In:
Philosophy of Social SciencesSummary: The classical view of "rational man" as the unit of analysis for economic behavior and marketplace exchange has been changed by the late twentieth century with the help of behavioral economics that considers predictable irrationality as a normal mode of behavior. Instead of revising neoclassical economics to fit contemporary economic crises, it is recommended to follow Adam Smith's original concerns for the social setting of individual behavior and to treat economic crises with pragmatic flexibility rather than with dogmatic ideology. - Reproduced.
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Articles
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Indian Institute of Public Administration | Volume no: 40, Issue no: 4 | Available | AR90365 |
The classical view of "rational man" as the unit of analysis for economic behavior and marketplace exchange has been changed by the late twentieth century with the help of behavioral economics that considers predictable irrationality as a normal mode of behavior. Instead of revising neoclassical economics to fit contemporary economic crises, it is recommended to follow Adam Smith's original concerns for the social setting of individual behavior and to treat economic crises with pragmatic flexibility rather than with dogmatic ideology. - Reproduced.
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