Homo Oeconomicus Reconsidered

Abstract

This article pursues a criticism of the homo œconomicus model and the mainstream notion of economic rationality in order to provide economics and business theory with a sound ethical-anthropological underpinning, and to foster more virtuous and human-centered models and practices. The capability approach developed by Amartya Sen and Martha Nussbaum is taken as the reference theoretical framework. The main connections between capabilities theory and virtue ethics are shown, especially insofar as Aristotle’s thought exerts a decisive influence over both. The first section is dedicated to the criticism of homo œconomicus and economic rationality (pars destruens), whereas the second moves towards the elaboration of an alternative model whose constitutive features rely on the notion of anthropological richness (pars construens). Finally, the concluding section seeks to provide an application to business and management theory. , Abstract This article pursues a criticism of the homo œconomicus model and the mainstream notion of economic rationality in order to provide economics and business theory with a sound ethical-anthropological underpinning, and to foster more virtuous and human-centered models and practices. The capability approach developed by Amartya Sen and Martha Nussbaum is taken as the reference theoretical framework. The main connections between capabilities theory and virtue ethics are shown, especially insofar as Aristotle’s thought exerts a decisive influence over both. The first section is dedicated to the criticism of homo œconomicus and economic rationality (pars destruens), whereas the second moves towards the elaboration of an alternative model whose constitutive features rely on the notion of anthropological richness (pars construens). Finally, the concluding section seeks to provide an application to business and management theory.