From Homo Oeconomicus to Homo Sociologicus

Economics has been in crisis in recent decades. Proof is its inability to predict and ultimately interpret recent small or larger economic crises with the traditional tools and assumptions offered by ‘mainstream’ economics as well as to offer a way out of them.

And this is because mainstream theory describes ONLY the general principles that govern non-spatial and non-temporal economic phenomena. Being so, reference to the social context in which these are developed is of little importance. The evolution or metamorphosis of the econ theory with the addition of institutions and other relative disciplines (e.g. psychology, sociology, etc.) has been of vital importance.