The key to sustainability science: from “homo economicus man” to “eco economic man”

Xiaoling Zhang and Yali Huang

Chapter 5 in Handbook on Climate Change and Environmental Governance in China, 2024, pp 72-84 from Edward Elgar Publishing

Abstract: The archetype of “homo economicus” has long dominated economic research, but its focus on rational self-interest fails to capture the complexity of human behavior and neglects environmental considerations. In response, a new framework, “eco economic man”, is introduced as a more comprehensive and evolved economic actor, which could address the limitations of the “homo economicus” model. It embodies three distinctive traits that consider both individual and collective ecological interests. Firstly, it seeks a balance between individual desires and the well-being of the planet, recognizing the importance of sustainable practices for long-term prosperity. It acknowledges that economic decisions should not be solely driven by self-interest, but should also consider the well-being of the planet and future generations. Secondly, when faced with collective action dilemmas, it promotes inclusive decision-making that respects individual differences while fostering cooperative solutions. Lastly, it acknowledges that human behavior is guided not only by rational motivations but also by irrational factors, recognizing the complexity of human nature in ecological economics, which allows for a more comprehensive analysis of economic behavior and decision-making. The emergence of eco economic man offers a profound shift in economic thinking. By integrating ecological awareness with economic rationality, this model promotes a more holistic view of economic man. It recognizes that economic actions should align harmoniously with environmental resilience and that sustainable development is crucial for a prosperous and environmentally conscious future.

Keywords: Asian Studies; Environment; Politics and Public Policy Sustainable Development Goals (search for similar items in EconPapers)
Date: 2024
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