The strange history of the economic agent

As twentieth century critics later pointed out, the Rational Consumer also has some extraordinary, even superhuman, capacities, particularly in the area of information processing and computation. She is somehow able, in her role as an investor, to collect and integrate an enormous amount of information about investment opportunities and prospects and management competence of firms so that she can correctly price them on the stock market.

But the Rational Economic Agent has faced three implacable and powerful adversaries all through the twentieth century: psychology together with evolutionary biology; classical sociology and social theory; and systems theory, a child of thermodynamic methods in the physical sciences. So has the economic agent any future at all?

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