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Ecce Homo-Economicus? The Dr. Jekyll & Mr. Hide syndrome of the economic man in the context of natural resources scarcity and environmental externalities

The journal of philosophical economics, 2018-10, Vol.12 (1), p.89-111 [Peer Reviewed Journal]

2018. This work is published under NOCC (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1843-2298 ;EISSN: 1844-8208

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  • Title:
    Ecce Homo-Economicus? The Dr. Jekyll & Mr. Hide syndrome of the economic man in the context of natural resources scarcity and environmental externalities
  • Author: Kalimeris, Panos
  • Subjects: Behavior ; Behavioral economics ; Consumption ; Depletion ; Ecological economics ; Economic models ; Economic theory ; Economists ; Evolution ; Externality ; Globalization ; Interdisciplinary aspects ; Literature reviews ; Markets ; Natural resources ; Neoliberalism ; Race ; Rationalism ; Rationality ; Realism ; Scarcity ; Science ; Self regulation ; Smith, Adam (1723-1790) ; Supply & demand
  • Is Part Of: The journal of philosophical economics, 2018-10, Vol.12 (1), p.89-111
  • Description: Indeed, the artificial entity 'Homo-Economicus' plays a central role in modern neoclassical economic theory. Maybe an illegitimate child of markets' self-regulation doctrine and the emerging rationalism - professed by the post-modern realms of neoliberalism and the ongoing globalization process - this theoretical abstraction is promoted as a potential prototype of human behavior. It is firmly believed, that this individualistic, self-motivated, and above all, perfectly informed 'entity' could, theoretically, lead the economic system into profound balance between supply and demand, consumption and production, utility maximization, and so on. The present paper consists of a criticism to the mainstream prototype of Homo-Economicus, with further extensions to the neoclassical paradigm. Placing this criticism in the context of ecological economics, the paper argues that the notorious rationality of Homo-Economicus seems to be vanished in the deadlock of a futile race towards non-renewable natural resources depletion and increasing environmental externalities. Finally, a brief review of alternative theoretical frameworks and evidence from institutional and behavioral economics, delineates an emerging pressing request for a paradigm change.
  • Publisher: Bucharest: Journal of Philosophical Economics
  • Language: English
  • Identifier: ISSN: 1843-2298
    EISSN: 1844-8208
  • Source: ProQuest Central
    DOAJ Directory of Open Access Journals
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