ABSTRACT
The basic constituent in models of political economy is the economic man, homo œconomicus. The economic man is a theoretically simplified model of the individual. At first approximation it can be viewed as the residue remaining when all non-economic aspects are removed from real world individuals. In particular, in this model the individual is supposed to be rational in the sense of calculating the consequences of her behavior under prevailing and anticipated circumstances. As all models, the economic man is a simplification. Without simplification we could not describe, let alone analyze, political economy. Yet, the model of economic agent is often deemed inadequate and misleading. Indeed, it is one of the most debated constructs in modern social and political theory. It is, therefore, important to outline it in some detail. In models of political economy the economic man appears in the form of an assumption. It is therefore appropriate to discuss the role of assumptions and their types in the study of political economy.
3.1 The role of assumptions in theory
