The concept of rationality is the heart of modern economics.
Neo-classical theory seems unable to proceed without assuming a
rational agent seeking to find the optimal means to a well defined
end. Yet many find this uncritical treatment of rationality
problematic. It takes little account of culture history or
creativity and consequently many economists find this insistence on
rationality of little use when trying to explain a wide range of
economic phenomena. Increasingly these include a large number of
game theorists and others involved in mainstream theory as well as
those typically opposed to neo-classicism. "The Economics of
Rationality" contains a number of critical perspectives on the
treatment of rationality in economics. Insights from such diverse
areas as game theory, experimental economics, psychology,
post-Keynesian and institutional economics cast considerable doubt
on whether a single notion of rationality within economics is
either possible or desirable.
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