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...
| Main Authors: | , |
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| Format: | Article |
| Language: | deu |
| Published: |
Editura ASE Bucuresti
2013-05-01
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| Series: | The Journal of Philosophical Economics |
| Subjects: | |
| Online Access: | http://www.jpe.ro/poze/articole/94.pdf |
| _version_ | 1818026395528331264 |
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| author | David Calnitsky Asher Dupuy-Spencer |
| author_facet | David Calnitsky Asher Dupuy-Spencer |
| author_sort | David Calnitsky |
| collection | DOAJ |
| 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. |
| first_indexed | 2024-12-10T04:31:19Z |
| format | Article |
| id | doaj.art-820053f58e4f480582abf4bf7fabb590 |
| institution | Directory Open Access Journal |
| issn | 1843-2298 1844-8208 |
| language | deu |
| last_indexed | 2024-12-10T04:31:19Z |
| publishDate | 2013-05-01 |
| publisher | Editura ASE Bucuresti |
| record_format | Article |
| series | The Journal of Philosophical Economics |
| spelling | doaj.art-820053f58e4f480582abf4bf7fabb5902022-12-22T02:02:08ZdeuEditura ASE BucurestiThe Journal of Philosophical Economics1843-22981844-82082013-05-01VI2The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimalityDavid CalnitskyAsher Dupuy-SpencerThis 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.http://www.jpe.ro/poze/articole/94.pdfNeoclassical economicsRationalityPhilosophy of social science |
| spellingShingle | David Calnitsky Asher Dupuy-Spencer The economic consequences of homo economicus: neoclassical economic theory and the fallacy of market optimality The Journal of Philosophical Economics Neoclassical economics Rationality Philosophy of social science |
| title | 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_short | 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 |
| topic | Neoclassical economics Rationality Philosophy of social science |
| url | http://www.jpe.ro/poze/articole/94.pdf |
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