Traditional Economics Challenged: New Theories of Rationality Unveiled
The concept of rationality in economics has evolved over time, with different economic schools proposing their own ideas. Classical and neoclassical economics believe in complete rationality, while behavioral economics suggests bounded rationality or irrationality. Other scholars have introduced concepts like "evolutionary rationality" and "cognitive rationality". This paper reviews the origins of rationality, traditional economic views, bounded rationality theory, and other rationality theories to clarify the abstract concept of rationality.