Homo Economicus as Homo Sapiens or as free time becomes a limited resource of modern economy

Yachin S.E.1
1 Дальневосточный федеральный университет, Russia

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Journal paper

Creative Economy (РИНЦ, ВАК)
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Volume 12, Number 5 (May 2018)

Citation:

Yachin, S. E. (2018). Homo Economicus as Homo Sapiens or as free time becomes a limited resource of modern economy. Creative Economy, 12(5), 525-542. https://doi.org/10.18334/ce.12.5.39114

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=35100860
Cited: 2 by 07.12.2023

Abstract:
The article proposes to consider the model of the "economic man" within the framework of the complex model of human behavior in the whole multidimensionality of its motivations. The proposed model is based on the paradigm of existential analysis, for which the initial assumption is the temporality of human existence. At the same time, the real and exclusive significance of economic motivation is revealed in the entire motivational complex of human activity. The economic motive is a model of all rationality, because he requires the commensurability of the result of activity with costs. The significance of the economic motive of behavior becomes especially important in the modern service economy, which turns the consumer's free time into a limited economic resource. In the market there is a sharp competitive struggle for the free time of the consumer of goods. It unfolds in all spheres of life: in information, in cultural and educational, in entertainment and other spheres. Modern service economy has made a mobile boundary between the working (regulated) and free (unregulated) time, at the same time this economy considers free time as a limited resource of consumption of various kinds of services. Hence there is a need for economic calculations of the total costs of time that individuals spend on the production and consumption of various kinds of goods. Only calculating the total costs of the finite time of life of people and communities within the framework of anthropocentric statistics will definitely establish the leading importance of human capital relative to the financial one and thus turn the economy towards to person.

Keywords: service economy, economic motivation, existential analysis, economic rationality, free time, time allocation, cost and price

JEL-classification: D46, D03, D01

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