Is Homo Economicus a Universal Paradigm in Economic Theory?

Maciej Meyer ()
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Maciej Meyer: Gdynia Maritime University, Faculty of Entrepreneurship and Commodities, Department of Trade and Services

Annals of Economics and Finance, 2016, vol. 17, issue 2, 433-443

Abstract: Homo economicus is a very well known concept but a question arises whether its omnipresence equals its real, not theoretical, universality. This paper touches on the problem of the role of the paradigm with reference to the rationality and self-interest principle as well as behavioural economics, cultural differences, social and biological aspects. Values are the common thread in these aspects but what is even more important is that values differ across the world in the same way cultures do. Therefore theories or models based on the aforementioned paradigm can not yield the same results if applied in culturally different countries.

Keywords: Homo economicus; Cultures; Cultural differences; Self-interest; Rationality; Economics (search for similar items in EconPapers)
JEL-codes: A10 A12 D01 D03 Z13 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:cuf:journl:y:2016:v:17:i:2:meyer

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