Homo economicus

to not all human endeavour having an economic consideration, but that none the less, the concept of homo economicus and its application pervades neoliberal applications to the allocation of resources. The strategic allocation of resources, therefore, can be driven by projected economic optimisation thus providing a rationale for decisions made by an individual (Foucault 2008:269). “Homo economicus is someone who is eminently governable” (Foucault 2008:270) in as much as they accept reality as…

curriculum. Ian feels strongly about his beliefs on why many students chose to walk out that day, these beliefs had the ability to shed a negative light on only the protesting students of Jefferson County. Quantz defines in the text that the ontology Homo economicus states that humans are self-interested animals, who involve…

Oslen. It deals with the pattern and flow of decision within a firm under a high degree of uncertainty. More specifically, it shows that under total uncertainty within the environment, a person’s behavior shifts to irrational or varying from a homo economicus (Tolbert & Hall, 2009, p. 115). There are four basic components that influence decisions which include: problems, solutions, participants and choice opportunities. Problems can arise from internal or external factors, thus this will prompt…

Globalization, collaboration, is necessary for sustaining the life of all species. Tsing says, “Precarity is a state of acknowledgment of our vulnerability to others” (29). Anti-globalization, indigeneity without contact, is impossible because Homo economicus is always scoping for a new frontier. If we don’t collaborate with each other - which is to say if we don’t contaminate our lives by intermingling with those humans and other species which we see as radically different from us – then we are…

While at first glance, Becker and Stigler’s theory may seem to remove human nature from the decision making process, it is much more complex than this assumption. Similarly to traditional economic theory, their model is based off of Homo Economicus, or the economic man. Therefore, this theory operates under the premise that all humans are rational individuals with the main goal of maximizing utility. Furthermore, Becker and Stigler add on to classical thought by claiming individuals all share a…

I rarely enjoy reading the introduction when I read a book. Most of time I find them dull and full of, well, introductory but when I started reading the introduction of Nudge, I was instantly hooked with the analogy that the authors provided, what will Carolyne do? Which of the 5 possible options presented in the book will she choose? Simply, I was caught up in the story, and who doesn’t like a good story! Regardless of the fact that this is book is all about economics and economical behavior, I…

them heroes because they protected and served the interests of the nation. Introduced in the mid-90s, Moreton’s example of SIFE-Man simply served as a visual representation of that idea. SIFE-Man did not represent some super human figure nor homo economicus and that was the point. SIFE-Man’s superhero appearance was simply an easily understandable concept of a hero used to show that an ordinary human, an entrepreneur, protecting free enterprise was also a hero. Although SIFE-Man no longer…

Naturally, the birth of a new genre in literature, had brought within itself a new point of perspective on life and the essence of living. If early narratives had been a chance to escape the realities of life, the new genre was totally opening the curtains to the real world. Being exhausted of the fairies, gods, monsters, or heroes of the medieval literature and the rebirth of classicism on the Renaissance stage, a thirst for stories of common people, for real place and time, had been emerged.…

than the supply which contributes to the collapse of the fishery. Some economists agree with the idea that individuals are self-interested and the goal of the individuals is to maximise his or her private interests. This construct is known as homo-economicus and it is a preconception about the nature of the goals of individuals. Overall, the rational choice theory suggests that the collapse of the fishery ensued by overfishing as a result of fisherman pursuing their own goals and…

escapes the logical quagmire of free-ridership. However, we should remember that the free-rider problem arises solely because neoclassical economics assumes the lone motivation of the self. Within this unidimensional behavioral assumption of the Homo economicus, the showing of other incentives will not get us out of the free-rider problem. For a theoretical explanation of collective action, we must enlarge the fundamental assumption of human rationality. If one accepts commitment, ideology, or…