A New Kind of Economy is Born−Social Decision-Makers Beat the “Homo Economicus”

Abstract

The Internet and Social Media change our way of decision-making. We are no longer the independent decision makers we used to be. Instead, we have become networked minds, social decision-makers, more than ever before. This has several fundamental implications. First of all, our economic theories must change, and second, our economic institutions must be adapted to support the social decision-maker, the "homo socialis", rather than tailored to the perfect egoist, known as "homo economicus".