Download This PaperThe Economic Man and Rationality in Adam Smith
Revista de Economía Institucional, Vol. 11, No. 21, Second Semester 2009
7 Pages Posted: 14 Jan 2010
There are 2 versions of this paper
The Economic Man and Rationality in Adam Smith
The Economic Man and Rationality in Adam Smith
Date Written: December 1, 2009
Abstract
The assumption of rationality is central in current economic theory. This hypothesis is the pillar for the creation of the homo economicus of conventional theory. Starting with Adam Smith’s approach to rationality, the aim of this paper is to contribute to the discussion of the main characteristics of the individual underlying the rational man of economics and their implications for economic analysis. The meaning of rationality in several authors is reexamined and it is argued that the basis of Adam Smith’s work are still valid.
Keywords: behavior, egoism, homo economicus
JEL Classification: B0, B4, D1
Suggested Citation: Suggested Citation
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