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Hamburg Metro Map on In contrast with Pareto’s concern about defining narrow boundaries for its intellectual habitat, homo economicus has spread to an increasingly broad range of topics in the social sciences. To mention but a few, homo economicus has been adopted as a model of individual behavior in the study of political processes, and in the development of GAME THEORY and its application to the social sciences. This record of success notwithstanding, homo economicus has been the focus of intense criticism and controversy. A growing contingent of economists has denounced the lack of moral bearings in economic discussions of human behavior, describing homo economicus as a hedonistic sociopath. Herbert SIMON has been perhaps the most influential critic of the assumption of perfect rationality and, at least since the 1960s, homo economicus has been under fire from a growing body of literature in cognitive psychology, associated with Amos Tverski and Daniel KAHNEMAN, that emphasizes the role of heuristics in human problem-solving and the resulting failures of rationality. While several of these critics of homo economicus have been the recipients of the Nobel Prize in economics, the demise of homo economicus is yet to come. BIBLIOGRAPHY. Hamburg Metro Map 2016.

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