RATIONAL-ECONOMIC MAN

A construct of Adam Smith, an 18th century economist. The rational-economic man makes decisions based on rational analysis of desired outcomes and acts in his own rational self-interest.

RATIONAL-ECONOMIC MAN: "A philosophy that states that most rational men will act out of what is best for their own self interest is characterized by the Rational-economic man model."
Cite this page: N., Pam M.S., "RATIONAL-ECONOMIC MAN," in PsychologyDictionary.org, April 28, 2013, https://psychologydictionary.org/rational-economic-man/ (accessed December 30, 2020).
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