Economic Man
December 14, 2023
People always strive to maximize their profits. They prefer to purchase goods at the lowest possible cost. This behavior of individuals is guided by economic principles and policies. That’s why people are referred to as economic man. The concept of economic man is based on the theories of the notable German philosopher and sociologist Max Weber. Later, this theory was criticized by proponents of behaviorism who argued that individuals do not always restrict themselves to economic behavior.
What is Economic Man?
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