"Rational Man" and Modern Society: An Overview of Economics

Author: Hu Hongbin
Publisher:
Publish Date: 2004-07-01
Features: The term "economic man" is an economic concept that emerged in Western economics after the mid-19th century. At that time, economists studied the economic society and determined that the economic behavior of individuals should be the research object. They believed that individual economic behavior in economic activities is self-interested, that they would rationally utilize the information they collected to calculate and judge the various possibilities of different economic outcomes, thereby maximizing their pursuit of benefits. Their behavior is rational. The "economic man" hypothesis became the premise for all economic propositions or explanations in the West, forming the foundation upon which the Western economic theory edifice is built.