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HOMO ECONOMICUS ? #HOMOECONOMICUS #SOCIALSCIENCE #DICTIONARY - YouTube
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of homo economicus in the literature
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simply means that he or she can only be
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seen as a person who cares about
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maximizing things like profit and can
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make decisions that will allow them to
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pursue that goal in the most favorable
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way
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it is a model of human behavior based on
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the question of what determines human
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behavior in classical economics
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since the first day this model was put
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forward it has been subjected to great
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criticism by both economists and
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psychologists
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homo economicus cares about utility
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maximization if he is a consumer and
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profit maximization if he is a producer
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everything else is unimportant to homo
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economicus except self-interest
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to give an example from daily life we
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can liken homo economicus to a
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supercomputer that has complete
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information about products while
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shopping at the supermarket can store
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and process unlimited information and
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knows exactly which product to buy and
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when
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homo economicus which has been discussed
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by both economists and psychologists at
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different times has certain
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characteristics
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these are briefly perfect rationalism
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unlimited cognitive capacity perfect
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information narrow self-interest focus
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on maximizing utility and profit
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preference consistency
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now let's go back a bit and examine the
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history of this term
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the creator of the homo economicus model
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is john stuart mill one of the important
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representatives of classical economics
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mill defined man as a being who only
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desires to of wealth and can judge the
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comparative effectiveness of the means
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to achieve this end
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however as can be seen although mill
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modeled homo economicus the term was
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actually coined to criticize this view
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of mill
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according to the oxford english
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dictionary the earliest written use of
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the term is found in charles stanton
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devis 1883 book the groundwork of
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economics where it is stated that mill
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studied only homo economicus a dollar
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hunting animal
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an equivalent meaning has recently been
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used to criticize this model of mill
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here too it was said that nils model
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could not be real and that mill was
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dealing with imaginary economic
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people
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since then the concept of homo
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economicus has been widely used in
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various economic models
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it has also been heavily criticized for
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various reasons because the homo
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economicus model constructs the human
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being free from morality ethics and
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other social influences
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stop for a moment and think
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do you always get the maximum benefit
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from the decisions you make
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or have you ever wished regretted the
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weight you gained delayed your homework
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or lost money in the stock market
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if it did it's okay you are homo sapiens
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like all of us
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if not please share with us the stocks
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and cryptocurrencies you follow
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but we think your answer is yes
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since the early days of the theory many
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people have thought the same way and
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many criticisms of the homo economic as
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human model have emerged
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nudge improving health wealth and
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happiness by richard thaler and cass
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sunstein is a good example of these
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criticisms
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in the work the authors write
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if you look at economics books you'll
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see that homo economicus thinks like
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albert einstein has a memory as big as
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ibm's big blue and the will of mumta
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gandhi
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but the people we know are not like that
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at all
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real people can't do long divisions
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without a calculator sometimes they
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forget their spouse's birthday and get a
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headache over new year's
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they are homo sapiens not homo
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economicus
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criticisms of the homo economicus model
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have led to the emergence of other
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models that aim to analyze human
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behavior over time
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some of these models are
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homohurosticus
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homo reciprocans
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homo homosociologicus
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homopoliticus
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and homoduplex
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this is the end
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see you in the next videos
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subscribe like the video and comment
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below if you want
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