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  5. From Homo Economicus to Homo Sapiens

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

From Homo Economicus to Homo Sapiens

  • Richard H. Thaler
Journal of Economic Perspectives
vol. 14, no. 1, Winter 2000
(pp. 133–141)
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Abstract

In responding to a request for predictions about the future of economics, I predict that Homo Economicus will evolve into Homo Sapiens, or, more simply put, economics will become more related to human behavior. My specific predictions are that Homo Economicus will start to lose IQ, will become a slower learner, will start interacting with other species, and that economists will start to study human cognition, human emotion, and will distinguish more clearly between normative and descriptive theories.

Citation

Thaler, Richard, H. 2000. "From Homo Economicus to Homo Sapiens." Journal of Economic Perspectives 14 (1): 133–141. DOI: 10.1257/jep.14.1.133

JEL Classification

  • A11 Role of Economics; Role of Economists