THE EVOLUTION OF HOMO ECONOMICUS
The article provides a review of the ways in which interdisciplinary research in modern economic thought gives a more realistic understanding of human behavior and economic decision making. On the one hand, economic imperialism drove wider application of economics methods across social sciences and...
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| Language: | English |
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MGIMO University Press
2016-02-01
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| Series: | Vestnik MGIMO-Universiteta |
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| Online Access: | https://www.vestnik.mgimo.ru/jour/article/view/494 |
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| author | N. V. Komarovskaia |
| author_facet | N. V. Komarovskaia |
| author_sort | N. V. Komarovskaia |
| collection | DOAJ |
| description | The article provides a review of the ways in which interdisciplinary research in modern economic thought gives a more realistic understanding of human behavior and economic decision making. On the one hand, economic imperialism drove wider application of economics methods across social sciences and brought about new interdisciplinary fields, such as law and economics, economic sociology, public choice theory, etc. On the other hand, the origin of behavioral economics, experimental economics, and neuroeconomics bridging psychology, neurobiology, and economics influences the change in the methodology used by the economics itself and fuels transformation of the model of rational economic behavior 'homo economicus', one of the central assumptions of the neoclassical economics. George Akerlof and Robert Shiller's animal spirits, prospect theory of Daniel Kahneman and Amos Tversky, research by Amartya Sen, Daniel McFadden, Vernon Smith, and other economists focusing on decision making either significantly limit, or supplement the homo economicus concept providing a deeper insight into the nature of human rationality. Behavioral economics has already become so strong as a separate discipline that it can be classified into two streams - Classical and Modern, and its main principles should be incorporated into a basic course of traditional economics. The achievements of behavioral economics yield higher quality of economic research and forecasting. Interdisciplinary approach to the human behavior studies and transformation of homo economicus offer new tools for the development policy making. |
| format | Article |
| id | doaj-art-a2819bddc4a348438ef930e1ca3e12a8 |
| institution | Kabale University |
| issn | 2071-8160 2541-9099 |
| language | English |
| publishDate | 2016-02-01 |
| publisher | MGIMO University Press |
| record_format | Article |
| series | Vestnik MGIMO-Universiteta |
| spelling | doaj-art-a2819bddc4a348438ef930e1ca3e12a82025-01-30T12:16:14ZengMGIMO University PressVestnik MGIMO-Universiteta2071-81602541-90992016-02-0101(46)12914210.24833/2071-8160-2016-1-46-129-142494THE EVOLUTION OF HOMO ECONOMICUSN. V. Komarovskaia0Moscow State Institute of International Relations (University)The article provides a review of the ways in which interdisciplinary research in modern economic thought gives a more realistic understanding of human behavior and economic decision making. On the one hand, economic imperialism drove wider application of economics methods across social sciences and brought about new interdisciplinary fields, such as law and economics, economic sociology, public choice theory, etc. On the other hand, the origin of behavioral economics, experimental economics, and neuroeconomics bridging psychology, neurobiology, and economics influences the change in the methodology used by the economics itself and fuels transformation of the model of rational economic behavior 'homo economicus', one of the central assumptions of the neoclassical economics. George Akerlof and Robert Shiller's animal spirits, prospect theory of Daniel Kahneman and Amos Tversky, research by Amartya Sen, Daniel McFadden, Vernon Smith, and other economists focusing on decision making either significantly limit, or supplement the homo economicus concept providing a deeper insight into the nature of human rationality. Behavioral economics has already become so strong as a separate discipline that it can be classified into two streams - Classical and Modern, and its main principles should be incorporated into a basic course of traditional economics. The achievements of behavioral economics yield higher quality of economic research and forecasting. Interdisciplinary approach to the human behavior studies and transformation of homo economicus offer new tools for the development policy making.https://www.vestnik.mgimo.ru/jour/article/view/494rational economic behaviorhomo economicusgary beckereconomic imperialism amartya sengeorge akerlof and robert shiller’s theory of animal spiritsdaniel mcfaddenprospect theory of daniel kahneman and amos tverskyvernon smitheconomic decision makingbehavioral economicsexperimental economicsneuroeconomics |
| spellingShingle | N. V. Komarovskaia THE EVOLUTION OF HOMO ECONOMICUS Vestnik MGIMO-Universiteta rational economic behavior homo economicus gary becker economic imperialism amartya sen george akerlof and robert shiller’s theory of animal spirits daniel mcfadden prospect theory of daniel kahneman and amos tversky vernon smith economic decision making behavioral economics experimental economics neuroeconomics |
| title | THE EVOLUTION OF HOMO ECONOMICUS |
| title_full | THE EVOLUTION OF HOMO ECONOMICUS |
| title_fullStr | THE EVOLUTION OF HOMO ECONOMICUS |
| title_full_unstemmed | THE EVOLUTION OF HOMO ECONOMICUS |
| title_short | THE EVOLUTION OF HOMO ECONOMICUS |
| title_sort | evolution of homo economicus |
| topic | rational economic behavior homo economicus gary becker economic imperialism amartya sen george akerlof and robert shiller’s theory of animal spirits daniel mcfadden prospect theory of daniel kahneman and amos tversky vernon smith economic decision making behavioral economics experimental economics neuroeconomics |
| url | https://www.vestnik.mgimo.ru/jour/article/view/494 |
| work_keys_str_mv | AT nvkomarovskaia theevolutionofhomoeconomicus AT nvkomarovskaia evolutionofhomoeconomicus |