A Brief History of Homo Economicus From The Economics Discipline Perspective

Abstract

Homo Economicus or economic man, which is the main postulate of classical and neo-classical theories indicate a rational person who makes decisions and pursues wealth for his self-interest. But, human-being is not a rational agent all the time. Because most of the time, some other factors determine human behavior than rationality. These could be repetition, imitation, or social norms. Therefore; behavioral economics, having introduced a distinctive perspective to economics, argues that people cannot make rational decisions and can be rational only to a limited extent in their decision. This study aims to present a historical perspective in molding the Homo Economicus in the Economics Discipline.