The Economics of Rationality

The concept of rationality is the heart of modern economics. Neoclassicaltheory seems unable to proceed without assuming a rational agent seeking tofind the opt... » 

The concept of rationality is the heart of modern economics. Neoclassicaltheory seems unable to proceed without assuming a rational agent seeking tofind the optimal means to a well defined end. Yet many find this uncriticaltreatment of rationality problematic. It takes little account of culturehistory or creativity and consequently many economists find this insistence onrationality of little use when trying to explain a wide range of economicphenomena. Increasingly these include a large number of game theorists andothers involved in mainstream theory as well as those typically opposed to neoclassicism. The Economics of Rationality contains a number of criticalperspectives on the treatment of rationality in economics. «