The Rise and Fall of Homo Economicus: The Myth of the Rational Human and the Chaotic Reality

by Yannis Papadogiannis

For financial journalist Yannis Papadogiannis, the problem with the economic science that failed to predict the financial crisis that began unfolding in 2007 is clear. While modern economic theory relies on rational humans, The Rise and Fall of Homo Economicus busts the myth of the rational human wide open, demonstrating how, in the real world, Homo sapiens are far from fully rational creatures.Papadogiannis walks readers through the history of modern economics and reveals a consistent pattern of certainty and the illusion of control among economists leading into every crisis since the seventeenth century. He presents findings from disciplines such as neuroscience, psychology, and sociology that overturn the economist's idealized view of human nature, revealing that rationality is but one quality ruling behavior.In terms that anyone can understand, and drawing from a vast bibliography of well-known references, the book contrasts the imaginary universe of modern economics with the complex, dynamic, chaotic reality that more accurately describes our existence.A stinging indictment of economic science for its role in creating the crisis of 2007, The Rise and Fall of Homo Economicus is a must-read for anyone interested in understanding how our society functions or exploring ways to make economic science better serve us.

Genres: Economics

298 pages, Kindle Edition

First published June 8, 2012

Reviews

[K · Rating 3 out of 5]

Ένα ακόμη καρφί στο φέρετρο των νεοκλασικών οικονομικών. Το κυρίαρχο δόγμα της οικονομικής επιστήμης, στηρίζεται σε πήλινα πόδια. Μια σειρά πολύπλοκων μαθηματικών βρίσκει στήριξη πάνω σε έναν πλήρως ορθολογιστή και ατομικιστή καταναλωτή. Το πρόβλημα είναι πως αυτός ο άνθρωπος ποτέ δεν ύπηρξε.

Ο συγγραφέας επιχειρεί μια ανασκόπηση της οικονομικής επιστήμης, των οικονομικών κρίσεων και ενός πλήθους ευρημάτων σε άλλα επιστημονικά πεδία, με σκοπό την πλήρη ανατροπή της αντίληψης μας περί επιστημονικότητας σε ένα αμφιλεγόμενο αλλά εξαιρετικά σημαντικό για τα ελληνικά δεδομένα βιβλίο.

[Angie Boyter · Rating 3 out of 5]

Lots of "I didn't know that!" moments.

[Ilias Stroulias · Rating 4 out of 5]

Yannis Papadogiannis is a seasoned financial journalist with investigative credentials who has all the battle marks to prove it.

Having been part of investigative teams of reporters in the past, he has played a major part in unearthing some of Greece's major corruption scandals and his opinion is highly sought after.

His book after presenting a concise outline of the development of economic theory from its onset to the present day offers a rare glimpse of the inner machinations that brought about the major recession we're just coming out of, both in Greece and worldwide.

Overall his book is a fine read that refrains from using hard ecomonic lingo and is edible by the average reader.