Karu: Prof. Haruna Ayuba, Vice-Chancellor of Bingham University, has urged deeper exploration of theoretical frameworks guiding economic thought, especially how individuals and societies allocate scarce resources. He issued the call at the 9th inaugural lecture delivered by Prof. Michael Akpan in Karu, Nasarawa State on Tuesday.
According to News Agency of Nigeria, the event drew academics and students to reflect on the role of economic theory in practice. The lecture, titled ‘Being an Economist – The Homo Economicus,’ aims to map theory into real issues, framing economists as more than abstract thinkers or fortune-tellers. Ayuba lamented perceptions of economists as stingy or overly theoretical. He said many viewed them as unable to forecast effective policies to resolve Nigeria’s economic stagnation.
He explained the lecture would illuminate how classical and modern theory helped understand resource allocation, and how economic thinking could address national challenges. He defined Homo Economicus as the idealised, rational actor who maximised individual utility. He questioned whether people always acted purely out of self-interest, asking, ‘Are we always rational? Are all human decisions driven by economics alone?’
He acknowledged that emotions, culture, and imperfect information also shaped economic behaviour. He expressed hope that the lecture would spark debate, inspire ideas, and kindle home-grown economic solutions tailored to Nigeria’s unique conditions and challenges. The VC affirmed his commitment to nurturing an academic environment rich in critical thinking, curiosity, and scholarly excellence among students and faculty alike.
He thanked Akpan for his insights, and acknowledged the lecture series organisers, urging faculties yet to contribute to the inaugural lecture tradition to do so. In his summary, Akpan described Homo Economicus as a simplified theoretical construct with attributes: rationality, self-interest, profit maximisation, short-term focus, and perfect knowledge. He noted that critics, behavioural and feminist economists, had challenged those assumptions. He cited Nudge by Thaler and Sunstein and Nigerian critics like Abdul Garba and Tope Fasua.
Akpan added that while the model was imperfect, it continued to underpin many economic principles. He argued the economic man remained alive in theory, if not always realistic in practice.