The article discusses how the concept of rationality in economic theory is being redefined to be more realistic but still focused on intentional rational behavior. It argues that economic activities are not easily categorized as rational or irrational, and that focusing on important action patterns is more useful than strict definitions of rationality. The bounded rationality approach, which limits rationality to simplicity and computational constraints, is seen as too narrow to fully explain human behavior and may not be a solid foundation for analyzing institutions.