INSTITUTIONS IN THE CONTEXT OF THE CONCEPTS OF THE ECONOMIC INDIVIDUAL
INSTITUTIONS IN THE CONTEXT OF THE CONCEPTS OF THE ECONOMIC INDIVIDUAL
Author(s): Bożena BorkowskaSubject(s): Economy
Published by: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Keywords: INSTITUTIONS; RATIONALITY; STANDARD ECONOMICS; BEHAVIOURAL ECONOMICS; INSTITUTIONAL ECONOMICS
Summary/Abstract: The article discusses the concepts of the economic individual existing in standard economics, behavioural economics, and institutional economics from the point of view of the role played by institutions and how they are explained. The analysis indicates that including the institutional context in the model of the economic individual implicates the abandonment of the assumption that man has an ability to think probabilistically and an acceptance that economics has a limited capability to make predictions about the course of economic phenomena.
Journal: Ekonomia
- Issue Year: 2011
- Issue No: 15
- Page Range: 58-66
- Page Count: 9
- Language: English