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- It concerns individual behaviour  - Dominant approach in microeconomics - Self-interested rational individual (economic man) - People are maximizing internal utility such as love security etc. (doing things for one's own satisfaction 

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- It concerns individual behaviour  - Dominant approach in microeconomics - Self-interested rational individual (economic man) - People are maximizing internal utility such as love security etc. (doing things for one's own satisfaction 

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What people think at believe about  the world explain their actions.

Cultural economics

The behaviours of people are guided by a desire to do what's right.

"Believers"

Guided by what's right and wrong

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How people form groups to exercise power, etc. Companies and large cooperate firms

Political economy

Model focus on people as "joiners"

To study such behaviours focus on:

Norms - Shared beliefs

The solidarity and continuity of the group, instead of the self-interested person.

Durkheim beliefs that human are not naturally social, but instead it is constructed with in religion as human structures that taught people to be social.

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o   Moral model of human nature:

“are shaped by culturally specific belief systems and values … guided by a culturally patterned view of the universe and the human place within it”

o   People are socialized an enculturated into these values and practices.

o   The moral model thinks that the modern state has lost their morals and ethics and replaced it with amoral selfishness.

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The economic man

Concerned with individual behaviour

Self-interested rational man

Internal utility

Love

Security

Ex. A  person might give money to charity, but with the sole purpose of feeling better. That's a selfish act.

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focuses on the way people form groups and exercises power. The social person identifies with a group and is motivated by the interest of others in the group too. They want to belong to something, even if it means that they have to give up autonomy and take on other interests as their own.

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focuses on the way people form groups and exercises power. The social person identifies with a group and is motivated by the interest of others in the group too. They want to belong to something, even if it means that they have to give up autonomy and take on other interests as their own.

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o   We are always most interested in ourselves.

o   Selfishness is natural.

o   Money are and will never be good enough for humans to obtain all the goods they want.

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Underlies what can be called cultural economics

The moral persons motivations are shaped by cultural specific beliefs system and values.

The moral person is guided by what he think is right

Moral human beings are believers whose actions are always guided by right and wrong

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- cultural economics
- shaped by belief systems and values
- desire to do what is right
- classification
- cosmology determines/influences/modifies behaviour

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Underlies what can be called political economy

A person is identifies with a group and is motivated by the interests of the collectivity

Sacrificing for the greater good

People are joiners

Understanding the social model requires the understanding of norms (shared groups beliefs)

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Basis for dominant approach in microeconomics

Selfishness is natural (trying to contain the beast)

The self-interested individual is not necessarily maximizing material gains, instead the person is maximizing an internal utility. (A person giving money to charity to get a good feeling)

Look out for number one

The individual is taken as the unit of analysis

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Individual behavior