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1 2007

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Evolution of Approaches Toward the Concept of 'Homo Economicus'

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Stepien B. , Szarzec K.

Ekonomista

2007

nr 1

13-35

The article contains comments on the perception of 'homo economicus' concept. They cover the full rationality model and its evolution towards the concept in which a human being is constrained by bounded rationality as well as by the environment influences, who acts routinely and frequently in an opportunistic manner. The article stresses the importance of the exact definition of an individual who constitutes the basic component of an economic system. A special attention is accorded to the comparison of the models of an economic man that are present in economic theories of the main stream and the new institutional economics. The authoresses voice the opinion that despite the recent rendering the model more realistic as well as the convergence of approaches toward an economic agent in economics and sociology, the substitution of the concept of 'homo economicus' by an alternative model seems in the near future very unlikely.