Homo economicus

Homo economicus or the economic man can be referred to the concept of many theories of economics. It portrays human beings as self-interested and rational agents, who pursue optimally the subjectively defined ends. Homo economicus maximizes the utility as the customer and profitability as the producer. The whole theory is compared to the different concepts of economic behavior, cognitive biases as well as homo reciprocans. In the game theory, the homo economicus is related and associated with the assumptions of perfect rationality (Benería et al.). This essay throws light on the ways that institutional economics challenges the neoclassical assumptions about homo economicus. It gives a brief explanation regarding the economic relationship between…

During the many years of carefully analyzing the theories of crime, questionings have challenged whether or not sociology can illustrate and help understand the causation of crimes. The theories of crime and delinquency are used to explain the principle of the crime committed and provides a supportive argument into the motive and compensation of the individual’s actions. Sociological theories of crime focus’ on a macro level around three of its leading theories: strain theory, social learning…

the transition of regimes. These regimes’ persistence is embedded in their cultural foundations and institutional structure (Yom and Gause, 2012). Elliot Abrams (2012) claims that the historical connection of the Arab monarchies give them their strength and legitimacy. He explains how the monarchy is often sustained by religious belief, and this gives them more legitimacy than any self-appointed strongmen (Abrams, 2012). The rationality paradigm does not appear as an independent category as…

What are the key elements of Rational Choice Theory? • Beeson and Firth (1998) ‘Neoliberalism as a political rationality: Australian public policy since the 1980’s’, Journal of Sociology, Vol 34. Pp 215-231 In Beeson and Firth’s article, I gain a further insight into the conception of liberalism and the implementation of rational choice theory, specifically focusing on economic gain and wealth. The authors thoroughly researched the introduction of liberalism in the 1900’s and the resurgence…

The categorical imperative, to Immanuel Kant, is an overarching principle of acting towards others the way you would like for them to treat everybody else; a slight furtherance of the ‘Golden Rule’(Where your actions are based upon the way you would like them to treat you). The categorical imperative creates a moral basis based upon one’s understanding of their own individuality coupled with an empathetic understanding of those around them, based upon their precepts that they’ve come to…

According to Rittenberg and Tregarthen (2009), economics is “a study of choice”. This simple assumption is the most basic definition of the general economic thought because if there is a scarcity present, then there is a choice to be made about this scarce resource. Moreover, Rittenberg and Tregarthen (2009) also point out that what distinguishes economic approach from any other science, whether social or not, is that economists study this “choices” assuming that people try to maximize their…

Vivian A Zelizer argues individuals will all behave in a different way in their responds or interaction with money. Every individual’s perception of money is different and therefore the way they value its significance is also different. The individual’s social and cultural structure matter because it’s these concept that define the way the individual feels about money compared to another individual whose culture and social structure is completely different. Concepts like these define how the…

Arturo Perez-Reverte' The Club Dumas was written in 1996 in Spanish then translated into English in 1998. A suspense thriller completely on its own. The story follows Lucas Corso, a self-described book mercenary investigating two rare books: an Alexandre Dumas manuscript of The Three Musketeers and an ancient satanic text called The Nine Doors. Corso, slowly puts the pieces together in the two books as he becomes part of a never-ending game leading to a secret society. Corso…

Djurab Desert in 2001. 3. Which species of Australopithecus is “Lucy”? What is the significance of her discovery? “Lucy” is a female A. afarensis. Her discovery led scientists to discovering the fossilized footprints of A. afarensis. The footprints of A. afarensis is similar to the modern people’s footprint, which means A. afarensis walked bipedally. 4. Which of the three species of human beings is most like modern humans? Homo erectus is most like modern humans. Briefly describe the…

Australopithecus sediba existed 1.977 – 1.98 million years ago. The characteristics of this species vary greatly from modern humans, but certain similarities with tooth traits, the pelvis bone, and a broad lower chest resemble those of modern-man. Au. Sediba is a very good candidate for the ancestor to the Homo genus because of many of the similarities found in its skeletal structure. Smaller premolars, molars, as well as facial features were more similar to the Homo genus. The functional…