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- Title
The Theory of Human Nature.
- Authors
Jensen, Hans E.
- Abstract
This article is based on three simple postulates namely that all socioeconomic theories contain, explicitly or implicitly, a theory of human nature, institutionalism is a socioeconomic theory and institutionalism must, therefore, include a theory of human nature. The article says that from the beginning, economist Thornstein Veblen took his cues on human nature from evolutionary biology and not, as did neoclassicists, from Newtonian physics. Institutionalists have developed the concept of persons as those whose natures are not fixed, final, and given as utility maximizers. Rather their natures evolve, they are products of interaction with culture. Habits of mind and habits of behavior are acquired in a cultural context. Intellects guide conduct and choices are judged by reference to the consequences invoked. People are economic agents who choose and judge. The article concludes that the neoinstitutionalists are united in their criticism and rejection of the orthodox concept of human nature. This individual is presented in a widely used introductory text as a fairly rational person who seeks to achieve maximum satisfaction as an economic actor by playing different roles in the economic game.
- Subjects
EVOLUTIONARY economics; HUMAN behavior; HUMAN capital; VEBLEN, Thorstein, 1857-1929; DEWEY, John, 1859-1952; SOCIAL institutions; ECONOMIC man; INSTITUTIONAL economics; SATISFACTION
- Publication
Journal of Economic Issues (Association for Evolutionary Economics), 1987, Vol 21, Issue 3, p1039
- ISSN
0021-3624
- Publication type
Article
- DOI
10.1080/00213624.1987.11504696