Ludwig von Mises describes homo economicus as fictitious and hypothetical. It pictures a being
driven exclusively by economic motives, i.e. solely by the intention of making
the greatest possible material or monetary profit. The homo
economicus image of classical
economics is certainly not an ideal
type, but it helped classical economists explain the formation of market prices.
However, the classical economists failed to provide a
satisfactory theory of value that traced the phenomena of market exchange and
production to their ultimate source, the behavior of consumers.
Source: Human Action, 3rd
revised edition 62-64.
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