Prague Economic Papers 2015, 24(2):154-172 | DOI: 10.18267/j.pep.506

Homo Economicus and Homo Stramineus

Marek Hudík
Center for Theoretical Study, Charles University, Prague, Czech Republic (hudik@cts.cuni.cz).

The model of Homo economicus has often been criticized as unrealistic. In particular, it has been found lacking for allegedly assuming that people are selish, an assumption which is contradicted by both introspection and empirical evidence. The aim of this paper is to show that never in the history of the economic discipline has selishness constituted the core of the Homo economicus model. In fact, the standard economic model of behaviour which has been used by economists for more than a hundred years is reticent about the motives of behaviour. Critics thus do not criticize Homo economicus but a straw man - Homo stramineus. Three possible reasons for confusing Homo economicus with Homo stramineus are identiied: malicious intent, ignorance and an attempt to avoid the tautological model of behaviour.

Keywords: utility, self-interest, rationality, Homo economicus, desire of wealth
JEL classification: B12, B13, B21, B41, D01

Published: January 1, 2015  Show citation

ACS AIP APA ASA Harvard Chicago IEEE ISO690 MLA NLM Turabian Vancouver
Hudík, M. (2015). Homo Economicus and Homo Stramineus. Prague Economic Papers, 24(2), 154-172. doi: 10.18267/j.pep.506
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Arrow, K. J., Hahn, F. (1983[1971]), General Competitive Analysis. Amsterdam: North-Holland.
    2. Barton, J. (1830), A Statement of the Consequences Likely to Ensue from Our Growing Excess of Population, If Not Remedied by Colonization. London: Harvey and Darton.
    3. Becker, G. S. (1998[1996]), Accounting for Tastes. Cambridge: Harvard University Press.
    4. Becker, G. S. (1976), The Economic Approach to Human Behavior. Chicago: University of Chicago Press.
    5. Bentham, J. (1817), A Table of the Springs of Action. London: Hunter. Go to original source...
    6. Bentham, J. (1907[1823]), An Introduction to the Principles of Morals and Legislation. London: Clarendon Press.
    7. Bentham, J. (1843), The Works of Jeremy Bentham. Vol. 10. Edinburgh: W. Tait.
    8. Bernheim, B. D., Rangel, A. (2007), "Toward Choice-Theoretic Foundations for Behavioral Welfare Economics." American Economic Review, Vol. 97, No. 2, pp. 464-470. Go to original source...
    9. Binmore, K. G. (2009), Rational Decisions. Princeton: Princeton University Press. Go to original source...
    10. Böhm-Bawerk, E. von (1959[1889]), Capital and Interest: Positive Theory of Capital. South Holland: Libertarian Press.
    11. Bowles, S., Gintis, H. (2000), "Walrasian Economics in Retrospect." The Quarterly Journal of Economics, Vol. 115, No. 4, pp. 1411-1439. Go to original source...
    12. Bruni, L., Sugden, R. (2007), "The Road Not Taken: How Psychology Was Removed from Economics, and How It Might Be Brought Back." Economic Journal, Vol. 117, No. 516, pp. 146-173. Go to original source...
    13. Buchanan, J. M. (1979), What Should Economists Do? Indianapolis: Liberty Press.
    14. Cairnes, J. E. (1875[1857]), The Character and Logical Method of Political Economy. London: Longman, Brown, Green, Longmans and Roberts.
    15. Caporael, L. R., Dawes, R. M., Orbell, J. M., van de Kragt, A. J. C. (1989), "Selfishness Examined: Cooperation in the Absence of Egoistic Incentives." Behavioral and Brain Sciences, Vol. 12, No. 4, pp. 683-699. Go to original source...
    16. Carey, H. C. (1865), Principles of Social Science. Philadelphia: J. B. Lippincott & Co.
    17. Conlisk, J. (1996), "Why Bounded Rationality?" Journal of Economic Literature, Vol. 34, No. 2, pp. 669-700.
    18. Cowen, T. (1989), "Are All Tastes Constant and Identical?: A Critique of Stigler and Becker." Journal of Economic Behavior & Organization, Vol. 11, No. 1, pp. 127-135. Go to original source...
    19. Davenport, H. J. (1902), "Proposed Modiications in Austrian Theory and Terminology." The Quarterly Journal of Economics, Vol. 16, No. 3, pp. 355-384. Go to original source...
    20. Davenport, H. J. (1968[1914]), The Economics of Enterprise. New York: A. M. Kelley.
    21. Downey, E. H. (1910), "The Futility of Marginal Utility." The Journal of Political Economy, Vol. 18, No. 4, pp. 253-268. Go to original source...
    22. Edgeworth, F. Y. (1881), Mathematical Psychics. London: C. Kegan Paul & Co.
    23. Elster, J. (1989), Nuts and Bolts for the Social Sciences. Cambridge: Cambridge University Press. Go to original source...
    24. Engliš, K. (1992), Economics: A Purpose Oriented Approach. New York: Columbia University Press.
    25. Etzioni, A. (1990[1988]), The Moral Dimension: Toward a New Economics. New York: Simon and Schuster.
    26. Fehr, E., Fischbacher, U., Gächter, S. (2002), "Strong Reciprocity, Human Cooperation, and the Enforcement of Social Norms." Human Nature, Vol. 13, No. 1, pp. 1-25. Go to original source...
    27. Fisher, I. (1918), "Is 'Utility' the Most Suitable Term for the Concept it is Used to Denote?" The American Economic Review, Vol. 8, No. 2, pp. 335-337.
    28. Fisher, I. (2007[1892]), Mathematical Investigations in the Theory of Value and Prices, and Appreciation and Interest. Cosimo, Inc.
    29. Force, P. (2003), Self-Interest before Adam Smith: A Genealogy of Economic Science. Cambridge: Cambridge University Press. Go to original source...
    30. Gide, C. (1933[1883]), Principles of Political Economy. London: Harrap.
    31. Griswold, C. L. (1999), Adam Smith and the Virtues of Enlightenment. Cambridge: Cambridge University Press. Go to original source...
    32. Hadley, A. T. (1894), "Recent Tendencies in Economic Literature." Yale Review, No. 3, pp. 251-260.
    33. Hayek, F. A. (1991), The Trend of Economic Thinking: Essays on Political Economists and Economic History. Vol. 3 of the Collected works of F. A. Hayek, W. W. Bartley III and Stephen Kresge (eds.). London: Routledge. Go to original source...
    34. Hechter, M. (1994), "The Role of Values in Rational Choice Theory." Rationality and Society, Vol. 6, No. 3, pp. 318-333. Go to original source...
    35. Henrich, J. et al. (2005), "In Cross-Cultural Perspective: Behavioral Experiments in 15 SmallScale Societies." Behavioral and Brain Sciences, Vol. 28, No. 6, pp. 795-815. Go to original source...
    36. Hicks, J. R. (1986[1956]), A Revision of Demand Theory. Oxford: Oxford University Press.
    37. Hicks, J. R. (1983), Classics and Moderns. Cambridge: Harvard University Press.
    38. Hicks, J. R. (1946[1939]), Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory. Oxford: Oxford University Press.
    39. Hicks, J. R., Allen, R. G. D. (1934a), "A Reconsideration of the Theory of Value. Part I." Economica, Vol. 1, No. 1, pp. 52-76. Go to original source...
    40. Hicks, J. R., Allen, R. G. D. (1934b), "A Reconsideration of the Theory of Value. Part II. A Mathematical Theory of Individual Demand Functions." Economica, Vol. 1, No. 2, pp. 196-219. Go to original source...
    41. Hildebrand, B. (1848), Nationalökonomie der Gegenwart und Zukunft. Frankfurt am Mein: J. Rütten.
    42. Hoppe, H.-H. (1995), Economic Science and the Austrian Method. Auburn: Ludwig von Mises Institute.
    43. Houthakker, H. S. (1961), "The Present State of Consumption Theory." Econometrica, Vol. 29, No. 4, pp. 704-740. Go to original source...
    44. Hudík, M. (2007), "František Čuhel (1962-1914)." New Perspectives on Political Economy, Vol. 3, No. 1, pp. 15-25.
    45. Hudík, M. (2011), "Why Economics Is Not a Science of Behaviour." Journal of Economic Methodology, Vol. 18, No. 2, pp. 147-162. Go to original source...
    46. Jevons, W. S. (1965[1871]), Theory of Political Economy. New York: Augustus M. Kelley.
    47. Kauder, E. (1965), A History of Marginal Utility Theory. Princeton: Princeton University Press. Go to original source...
    48. Kirzner, I. M. (1976), The Economic Point of View: An Essay in the History of Economic Thought. Kansas City: Sheed and Ward.
    49. Leslie, T. E. C. (1997 [1862]), "The Love of Money." in Backhouse, R. E., ed., The Methodology of Economics: Nineteenth-Century British Contributions. Volume 5. Historical Economics, 1870-1907. London: Routledge/Thoemmes.
    50. Lipka, D. (2012), "The Max U Approach: Prudence-Only, or Not Even Prudence? A Smithian Perspective." ICER Working Paper, No. 6/2012. Go to original source...
    51. Luce, R. D., Raïffa, H. (1989[1957]), Games and Decisions: Introduction and Critical Survey. New York: Courier Dover Publications.
    52. Machlup, F. (1955), "The Problem of Verification in Economics." Southern Economic Journal, Vol. 22, No. 1, pp. 1-21. Go to original source...
    53. Machlup, F. (1972), "The Universal Bogey." in Preston, M., Corry, B., eds., Essays in Honour of Lord Robbins. London: Weidenfeld and Nicolson.
    54. Malthus, T. R. (1827), Definitions in Political Economy. London: J. Murray.
    55. Malthus, T. R. (1836[1820]), Principles of Political Economy Considered with a View to Their Practical Application. London: W. Pickering.
    56. Marshall, A. (1982[1890]), Principles of Economics: An Introductory Volume. Philadelphia: Porcupine Press. Go to original source...
    57. Mas-Colell, A., Whinston, M. D., Green, J. R. (1995), Microeconomic Theory. Oxford: Oxford University Press.
    58. McCloskey, D. N. (2011), Bourgeois Dignity: Why Economics Can't Explain the Modern World. Chicago: University of Chicago Press. Go to original source...
    59. Menger, C. (1950[1971]), Principles of Economics. Glencoe: Free Press.
    60. Mill, J. (1869), Analysis of the Phenomena of the Human Mind. London: Longmans, Green, Reader, and Dyer. Go to original source...
    61. Mill, J. S. (1844), Essays on Some Unsettled Questions of Political Economy. London: J. W. Parker.
    62. Mill, J. S. (1909[1848]), Principles of Political Economy: With Some of Their Applications to Social Philosophy. London: Longmans, Green, and Company.
    63. Mises, L. von (2003[1933]), Epistemological Problems of Economics. Auburn: Ludwig von Mises Institute.
    64. Mises, L. von (1996[1949]), Human Action: A Treatise on Economics. San Francisco: Fox & Wilkes.
    65. Mitchell, W. C. (1910a), "The Rationality of Economic Activity." The Journal of Political Economy, Vol. 18, No. 3, pp. 197-216. Go to original source...
    66. Mitchell, W. C. (1910b), "The Rationality of Economic Activity: I." The Journal of Political Economy, Vol. 18, No. 2, pp. 97-113. Go to original source...
    67. Newcomb, S. (1966[1885]), Principles of Political Economy. New York: A. M. Kelley.
    68. Ostrom, E. (1997), "A Behavioral Approach to the Rational Choice Theory of Collective Action: Presidential Address, American Political Science Association." The American Political Science Review, Vol. 92, No. 1, pp. 1-22. Go to original source...
    69. Pantaleoni, M. (1957[1894]), Pure Economics. New York: Kelly & Millman.
    70. Pareto, V. (1971[1906]), Manual of Political Economy. New York: A. M. Kelley.
    71. Pavlík, J. (2006), "Austrian Economics and the Problems of Apriorism." ELOGOS - Electronic Journal for Philosophy/2006.
    72. Pavlík, J. (2004), F. A. Hayek a teorie spontánního řádu. Prague: Professional Publishing.
    73. Pigou, A. (2006[1920]), The Economics of Welfare. Cosimo, Inc.
    74. Robbins, L. (1945[1932]), An Essay on the Nature and Signiicance of Economic Science. London: Macmillan.
    75. Rosenberg, A. (1992), Economics: Mathematical Politics or Science of Diminishing Returns? Chicago: University of Chicago Press.
    76. Rothbard, M. N. (2004[1962]), Man, Economy, and State. Auburn: Ludwig von Mises Institute.
    77. Rothbard, M. N. (1977[1956]), Toward a Reconstruction of Utility and Welfare Economics. New York: Center for Libertarian Studies.
    78. Rubinstein, A. (1998), Modeling Bounded Rationality. Cambridge: MIT Press. Go to original source...
    79. Rubinstein, A., Salant, Y. (2012), "Eliciting Welfare Preferences from Behavioural Data Sets." The Review of Economic Studies, Vol. 79, No. 1, pp. 375-387. Go to original source...
    80. Ruskin, J. (1862[1860]), Unto this Last. London: George G. Harrap.
    81. Salant, Y., Rubinstein, A. (2008), "(A', 'f): Choice with Frames." Review of Economic Studies, Vol. 75, No. 4, pp. 1287-1296. Go to original source...
    82. Samuelson, P. A. (1938), "A Note on the Pure Theory of Consumer's Behaviour." Economica, Vol. 5, No. 17, pp. 61-71. Go to original source...
    83. Samuelson, P. A. (1974[1947]), Foundations of Economic Analysis. New York: Atheneum.
    84. Say, J. B. (1836[1803]), A Treatise on Political Economy: Or the Production, Distribution, and Consumption of Wealth. Philadelphia: Grigg & Elliot.
    85. Say, J. B. (1840[1828-30]), Cours complet d'économie politique pratique. Paris: Guillaumin.
    86. Sen, A. (1993), "Internal Consistency of Choice." Econometrica, Vol. 61, No. 3, pp. 495-521. Go to original source...
    87. Sen, A. (1977), "Rational Fools: A Critique of the Behavioral Foundations of Economic Theory." Philosophy and Public A airs, Vol. 6, No. 4, pp. 317-344.
    88. Senior, N. W. (1831[1827]), Introductory Lecture on Political Economy. London: J. Murray.
    89. Senior, N. W. (1854[1850]), Political economy. London: Richard Griffin.
    90. Schumpeter, J. A. (1994[1954]), History of Economic Analysis. London: Routledge.
    91. Simon, H. A. (1986), "Rationality in Psychology and Economics." The Journal of Business, Vol. 59, No. 4, pp. S209-24. Go to original source...
    92. Slutsky, E. E. (1998[1915]), "On the Theory of the Budget of the Consumer." in Lancaster, K. ed., Consumer Theory. Cheltenham: Elgar, pp. 3-32.
    93. Smith, A. (2007[1759]), The Theory of Moral Sentiments. Minneapolis: Filiquarian Publishing, LLC.
    94. Smith, A. (2008[1776]), The Wealth of Nations. Paw Prints.
    95. Smith, B. (1990), "Aristotle, Menger, Mises : An Essay in the Metaphysics of Economics." History of Political Economy, Vol. 22, pp. 263-288.
    96. Smith, B. (1996), "In Defense of Extreme (Fallibilistic) Apriorism." Journal of Libertarian Studies, Vol. 12, No. 1, pp. 179-192.
    97. Smith, V. (2007), Rationality in Economics: Constructivist and Ecological Forms. New York: Cambridge University Press. Go to original source...
    98. Stigler, G. J. (1980), "Economics or Ethics?" in McMurrin, S. M., ed., Tanner Lectures on Human Values. Salt Lake City, Cambridge: University of Utah Press, Cambridge University Press.
    99. Stigler, G. J. (1950a), "The Development of Utility Theory. I." The Journal of Political Economy, Vol. 58, No. 4, pp. 307-327. Go to original source...
    100. Stigler, G. J. (1950b), "The Development of Utility Theory. II." The Journal of Political Economy, Vol. 58, No. 5, pp. 373-396. Go to original source...
    101. Stigler, G. J. (1976), "The Successes and Failures of Professor Smith." Journal of Political Economy, Vol. 84, No. 6, pp. 1199-1213. Go to original source...
    102. Stigler, G. J. (1966[1946]), The Theory of Price. New York: Macmillan.
    103. Syll, L. P. (1993), "Cassel and Revealed Preference Theory." History of Political Economy Vol. 25, No. 3, pp. 499 -514. Go to original source...
    104. Špecián, P. (2012), "Od Misese k Schutzovi. Otázka Apriorismu v Ekonomii." Politická ekonomie, Vol. 60, No. 3, pp. 395-410. Go to original source...
    105. Thompson, R. E. (1875), Social Science and National Economy. Philadelphia: Porter and Coates.
    106. Tugwell, R. G. (1922), "Human Nature in Economic Theory." The Journal of Political Economy, Vol. 30, No. 3, pp. 317-345. Go to original source...
    107. Varian, H. R. (2006), Revealed Preference, in Szenberg, M., Ramrattan, L., Gottesman, A. A., eds., Samuelsonian Economics and the Twenty-First Century. New York: Oxford University Press, pp. 99-115. Go to original source...
    108. Veblen, T. (1898), "Why Is Economics Not an Evolutionary Science?" The Quarterly Journal of Economics, Vol. 12, No. 4, pp. 373-397. Go to original source...
    109. Viner, J. (1925a), "The Utility Concept in Value Theory and Its Critics." The Journal of Political Economy, Vol. 33, No. 4, pp. 369-387. Go to original source...
    110. Viner, J. (1925b), "The Utility Concept in Value Theory and Its Critics." Journal of Political Economy, Vol. 33, No. 6, pp. 638-659. Go to original source...
    111. Weber, M. (1978[1922]), Economy and Society: An Outline of Interpretive Sociology. Berkeley: University of California Press.
    112. Whately, R. (1847[1832]), Introductory Lectures on Political Economy. London: John W. Parker.
    113. Whitehead, A. N. (1979[1929]), Process and Reality: An Essay in Cosmology. New York: Simon and Schuster.
    114. Wicksteed, P. H. (1970[1888]), The Alphabet of Economic Science: Elements of the Theory of Value or Worth. New York: A. M. Kelley.
    115. Wicksteed, P. H. (1957[1910]), The Common Sense of Political Economy: And Selected Papers and Reviews on Economic Theory. London: Routledge & K. Paul.
    116. Wieser, F. von (2003[1914]), Social Economics. London: Routledge.

    This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content