The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality

This essay presents a critique of the standard ascension from the rational agent to the optimal market in economic theory. Critiques of homo economicus are found unsatisfactory on grounds that its employment allows for the prediction of essential features of actual markets. using this same criterion...

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Autores principales:	David Calnitsky, Asher Dupuy-Spencer
Formato:	article
Lenguaje:	DE EN FR
Publicado:	Editura ASE Bucuresti 2013
Materias:	Neoclassical economics Rationality Philosophy of social science Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/820053f58e4f480582abf4bf7fabb590
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spelling	oai:doaj.org-article:820053f58e4f480582abf4bf7fabb5902021-12-02T11:13:52ZThe economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality1843-22981844-8208https://doaj.org/article/820053f58e4f480582abf4bf7fabb5902013-05-01T00:00:00Zhttp://www.jpe.ro/poze/articole/94.pdfhttps://doaj.org/toc/1843-2298https://doaj.org/toc/1844-8208This essay presents a critique of the standard ascension from the rational agent to the optimal market in economic theory. Critiques of homo economicus are found unsatisfactory on grounds that its employment allows for the prediction of essential features of actual markets. using this same criterion we introduce Gary Becker’s essay, ‘irrational Behavior and economic Theory,’which demonstrated that the same features of markets could be derived from non-rational behaviour. Thus, non-rationality is equally predictive but is less restrictive than rationality. Once the assumption of rationality is relaxed, the concept of market optimality (though not market order) must also be sacrificed.David CalnitskyAsher Dupuy-SpencerEditura ASE BucurestiarticleNeoclassical economicsRationalityPhilosophy of social scienceEconomics as a scienceHB71-74DEENFRJournal of Philosophical Economics, Vol VI, Iss 2 (2013)
institution	DOAJ
collection	DOAJ
language	DE EN FR
topic	Neoclassical economics Rationality Philosophy of social science Economics as a science HB71-74
spellingShingle	Neoclassical economics Rationality Philosophy of social science Economics as a science HB71-74 David Calnitsky Asher Dupuy-Spencer The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality
description	This essay presents a critique of the standard ascension from the rational agent to the optimal market in economic theory. Critiques of homo economicus are found unsatisfactory on grounds that its employment allows for the prediction of essential features of actual markets. using this same criterion we introduce Gary Becker’s essay, ‘irrational Behavior and economic Theory,’which demonstrated that the same features of markets could be derived from non-rational behaviour. Thus, non-rationality is equally predictive but is less restrictive than rationality. Once the assumption of rationality is relaxed, the concept of market optimality (though not market order) must also be sacrificed.
format	article
author	David Calnitsky Asher Dupuy-Spencer
author_facet	David Calnitsky Asher Dupuy-Spencer
author_sort	David Calnitsky
title	The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality
title_short	The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality
title_full	The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality
title_fullStr	The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality
title_full_unstemmed	The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality
title_sort	economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality
publisher	Editura ASE Bucuresti
publishDate	2013
url	https://doaj.org/article/820053f58e4f480582abf4bf7fabb590
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The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality

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