Surveying Financial Decisions? From Homo Economicus to Historical Specificity and J.S. Mill’s Cultural–Institutional Individualism
1 Department of Economics, University of Crete, 17676 Kallithea, Greece;
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Received: 15 Jan 2021 / Accepted: 4 Mar 2021 / Published: 9 Mar 2021
Abstract
The aim of this paper is to evidence that non-economic factors, such as culture, emotions and ethics, can be seen as an important force in influencing human economic behavior and human action. This is conducted by putting the homo economicus notion into the perspective of the history of economic thought and, more specifically, of John Stuart Mill. More specifically, Mill’s institutional individualism, as is presented in his System of Logic (1843), and his relativity of economic doctrines construction, as is included in his Principles of Political Economy (1848), are synoptically delineated. Through Mill’s analysis, it is supported that cultural differences between different states of societies are determinant in understanding different behaviors. The paper concludes that Mill’s historical specificity and his more pluralistic version of cultural–institutional methodological individualism are more compatible in understanding human decision making.
Keywords: J.S. Mill; state of society; cultural–institutional individualism; ethology; historical specificity
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CITE
Manioudis, M.; Giardoglou, D. Surveying Financial Decisions? From Homo Economicus to Historical Specificity and J.S. Mill’s Cultural–Institutional Individualism. JBAFP 2021, 3, 6.
Manioudis M, Giardoglou D. Surveying Financial Decisions? From Homo Economicus to Historical Specificity and J.S. Mill’s Cultural–Institutional Individualism. Journal of Business Accounting and Finance Perspectives. 2021; 3(1):6.
Manioudis, Manolis; Giardoglou, Dimitra. 2021. "Surveying Financial Decisions? From Homo Economicus to Historical Specificity and J.S. Mill’s Cultural–Institutional Individualism." JBAFP 3, no. 1: 6.
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