Raluca Iorgulescu Polimeni

The death of homo economicus

Purpose – This paper draws upon the work of Georgescu-Roegen to outline some theoretical alternatives to standard welfare theory, and to examine the policy implications of discarding the Walrasian core of neoclassical economics. Design/methodology/approach – Current work in behavioral economics and game theory shows that economic behavior depends on social context, a point understood by social economists for a hundred years or more. This work is related to Georgescus contributions to utility theory and bioeconomics. Findings – Neoclassical welfare economics continues to dominate economic theory and policy even though its theoretical foundations, economic man and perfect competition, have been discredited by mainstream theorists. Economic processes take place in specific social contexts and also coevolve with the biophysical universe. Practical implications – Although modern economics is incorporating many of Georgescus insights about human preferences it has yet to come to grips with the fact that human economic activity is shaped by its biophysical context. It is believed this should be a major focus of future economic research. Originality/value – Provides further insights into welfare theory and bioeconomics.

Rural and urban interdependencies in Nigeria: survey results from two Igbo villages

This paper discusses the socio-economic characteristics of two Nigerian Igbo villages as revealed in a survey administered in May 2001. One of these villages (Umuluwe) is a more traditional rural Igbo community while the other (Obigbo), a more modern one, is located close to Port Harcourt, a major Nigerian city. Migrants from Umuluwe were among the founders of Obigbo and these two villages maintain a symbiotic relationship with each other. They differ significantly in age structure, gender representation, occupations, and income flows, and must be considered as a unified whole. This paper presents survey results documenting the interconnections between migration, traditional Igbo institutions and the pressures of modernisation. The dual village strategy (symbiotic relationship) shows how the two villages, Obigbo and Umuluwe, cope with economic change while maintaining traditional institutions and beliefs.