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Journal of Economic Perspectives: Vol. 14 No. 1 (Winter 2000)

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From Homo Economicus to Homo Sapiens

Article 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

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.

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Authors

Thaler, Richard H. (U Chicago)

JEL Classifications

A11: Role of Economics; Role of Economists

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