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Homo Oeconomicus
The term homo economicus, or economic man, is the portrayal of humans as agents who are consistently rational, narrowly self-interested, and who pursue their subjectively-defined ends optimally. It is a word play on Homo sapiens, used in some economic theories and in pedagogy.[1] In game theory, homo economicus is often modelled through the assumption of perfect rationality. It assumes that agents always act in a way that maximize utility as a consumer and profit as a producer,[2] and are capable of arbitrarily complex deductions towards that end [...More Info...] [...Related Items...] |
Hicks–Marshall Laws Of Derived Demand In economics, the Hicks–Marshall laws of derived demand assert that, other things equal, the own-wage elasticity of demand for a category of labor is high under the following conditions: The "Hicks–Marshall" is named for economists John Hicks (from The Theory of Wages, 1932) and Alfred Marshall (from Principles of Economics, 1890).
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