The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality - Archive ouverte HAL Accéder directement au contenu
Article Dans Une Revue Journal of Philosophical Economics Année : 2013

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

Résumé

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.
Fichier principal
Vignette du fichier
vol6i2_3092.pdf (441.91 Ko) Télécharger le fichier
Origine : Accord explicite pour ce dépôt

Dates et versions

hal-03710276 , version 1 (30-06-2022)

Licence

Paternité - Pas d'utilisation commerciale - Partage selon les Conditions Initiales

Identifiants

Citer

David Calnitsky, Asher Dupuy-Spencer. The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality. Journal of Philosophical Economics, 2013, Volume VI Issue 2 (2), ⟨10.46298/jpe.10646⟩. ⟨hal-03710276⟩
43 Consultations
285 Téléchargements

Altmetric

Partager

Gmail Facebook X LinkedIn More