Human being as an economic actor: the potential of a dialogue between behavioral economics and modern Marxist political economy

Abstract

The article provides a comparative analysis of human theory within the framework of behavioral economics and modern Marxist political economy. Based on the systematized main items of these theories, the paper concludes that with all the fundamental differences, these directions reflect in different forms the objective phenomena of modern economics which require significant correction in prior notions of «homo economicus”. From the very beginning Marxist political economy would give a more complex picture with the diversity of goals and motives of human activity and behavior in different socio-economic systems. In recent decades behavioural economics has also taken these changes into account. Such corrections include, firstly, the interdisciplinary character of the study of a Man as an economic actor (behavioral economics stresses the importance of a dialogue with psychology and biology, Marxist political economy with social philosophy and sociology). Secondly, it is necessary to account not only for the irrational component of human behavior but also for the rational behavior’s orientation not only on market goals and values. Thirdly, taking into account the aggravation of global problems, both directions emphasize the need to add goals and values related to the development of human qualities, to the previous goals of economic activity (profit growth, GDP). At the same time the concept of «inclusive capitalism» is proposed within the «main trend» and at least deep reforms with concern to modern Marxism. The authors draw a conclusion concerning the possibility of advancing the strategy of eco-socio-cultural-oriented development based on the dialogue of the above-mentioned areas.