Rationality in Economics Challenged: Impact on Decision Making and Education.
Economists are exploring the idea of rational behavior in economics. They look at how human motivation and invisible forces shape our decisions. From historical figures like Adam Smith to modern thinkers like Friedrich Hayek, different perspectives on rationality are considered. Challenges from behavioral economists and psychologists are also discussed. The study delves into the biological and neurological aspects of rational decision-making. Despite criticisms, there are arguments supporting rational behavior in economics. The debate between traditional economic thinking and behavioral economics continues, impacting how economics is taught.