Attempts at developing behavioural macroeconomics vs. modification of the homo oeconomicus model

Among the foundations of the currently prevailing economic model is the assumption of rationality of decisions taken by a far-sighted and calculating human being - homo oeconomicus. However, the theory built on the basis of this assumption cannot embrace such phenomena as the economic crisis after 2007. Thus, new concepts are emerging such as behavioural macroeconomics that extend the current paradigm to include also irrational behaviours. The above issues are discussed most comprehensively by George Akerlof and Robert Shiller in their Animal Spirits that analyses such factors as confidence, sense of fairness, antisocial behaviour, the money illusion and stories dominating the public discourse. The above analysis paves the way for a new school of macroeconomics. This paper presents the above underlying assumptions against the background of an economic crisis.