Prof. Uskali Mäki: “Homo economicus, and the epistemic dynamics of its many lives”

TL;DR

The concept of Homo Economicus is evolving, with various versions and uses in different contexts and fields of study.

Transcript

[MUSIC] His most pertinent areas of interest and expertise for today's session are philosophy of economics and economic methodology. In 2021, the Uscali published a paper titled Homo Economicus Under Pressure, an appropriate and prescient title for this symposium. And today, he's going to talk with us about homo economicus and epistemic dynamics of... Read More

Key Insights

• 🏑 Homo Economicus is a bundle of idealizing assumptions used in the study of human behavior in economics and related fields.
• ❓ The concept has been criticized for not reflecting real human behavior and for relying on unrealistic assumptions.
• 🧑‍🏭 Behavioral economics seeks to make Homo Economicus more realistic by incorporating additional factors and contextual influences.
• 😒 The concept of Homo Economicus is evolving as new versions and uses are developed, with debates about its applicability conditions and purposes.

Questions & Answers

Q: What is Homo Economicus?

Homo Economicus is a concept used to study human behavior in economics, characterized by idealizing assumptions of rationality and self-interest.

Q: Why has Homo Economicus been criticized?

Homo Economicus has been criticized for being unrealistic and not reflective of real human behavior, as it relies on assumptions that do not align with empirical evidence.

Q: How has behavioral economics changed the concept of Homo Economicus?

Behavioral economics has sought to make Homo Economicus more realistic by incorporating additional factors, such as bounded rationality and social influences, into the concept.

Q: What are the challenges in using the concept of Homo Economicus?

The challenges include determining the applicability conditions of Homo Economicus, reconciling different versions and uses of the concept, and addressing the limitations imposed by methodological conventions and social pressures.

Summary & Key Takeaways

• The concept of Homo Economicus is a bundle of idealizing assumptions used to study human behavior in economics and other fields.

• Homo Economicus has been criticized as being unrealistic and not reflective of real human behavior.

• Behavior economics has sought to make Homo Economicus more realistic, although this has also been criticized as still relying on unrealistic assumptions.

• There are debates about the applicability conditions of Homo Economicus and the uses of the concept for different purposes.

• The concept of Homo Economicus can be seen as evolving as new versions and uses are developed.