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Rethinking homo economicus

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  • Economic theory has traditionally portrayed individuals as rational agents driven by self- interest and measurable preferences. This representation, often summarized by the concept of homo economicus, has structured much of modern economic analysis and policy design. Yet growing evidence from social practice and comparative research suggests that this model captures only a narrow portion of human economic behavior. Rethinking Homo Economicus brings together contributions that question the universality of conventional economic rationality and explore alternative ways of understanding decision- making. With particular attention to African contexts, the book examines how economic actions are shaped by social ties, cultural values, moral obligations, and relationships with the natural environment. These factors introduce motivations and constraints that standard models frequently overlook. The chapters combine conceptual reflection with formal modeling and contextual analysis. Several authors develop theoretical frameworks that incorporate non-market variables such as community commitments, social recognition, and ecological concerns. Others discuss the implications of these perspectives for economic policy, development strategies, and institutional design. Throughout the book, attention is given to the practical consequences of applying abstract economic models to societies with distinct historical and cultural trajectories. Rather than offering definitive replacements for existing theories, the book recognizes the uncertainty involved in rethinking foundational concepts such as rationality, utility, and efficiency. By foregrounding complexity and context, it invites a more plural understanding of economic behavior. The volume contributes to ongoing debates on decolonial economics, social embeddedness, and sustainability, while encouraging dialogue between economic theory and lived experience.

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