Homo Economicus: Cold, Calculating & Callous

Dr. Asad Zaman Books, Current Issues in Islamic Finance, Education, Islamic Economy, Islamic Finance Education Leave a Comment

Modern economic theory is founded on the  principle that human beings “maximize utility”; that is, they choose the best action from among a collection of choices. This axiom is considered self-evident: why would anyone make an inferior choice, when a better option is available? However, the mathematical formulation of this axiom is far from realistic. After all, it is self-evident …