The Rationality Assumption from Birth to Reincarnation
Journal Title: International Journal of Research and Review - Year 2018, Vol 5, Issue 7
Abstract
Being a very age old yet a dynamically modern social science, economics has journeyed a lot all throughout centuries. The birth dates back to Greeks before Socrates. All this while up until now many notions have seen a peak and a doom and an end that no one even remembers that certain notions ever existed. Yet there are concepts that continue to sustain a fundamental position in the subject. The assumption of rationality is one such long sustaining notion of economics in particular. It developed as a very important and fundamental assumption of economics, saw a period of dissatisfaction and after being re-worked on and re-defined comes again to the fore-front of the subject. This paper is an exposition of the birth and journey of the same. And at the same time a tribute to its un-hampered help and contribution to the whole of fundamental economic theory. The paper traces the status quo of the rationality assumption in economics and comes up with a middle path between the extremes of complete rejection and complete acceptance. Methodology: The paper being a trace-path of a fundamental economic assumption is based mainly on a vast literature review, with thoughts and thinking invested in it and deep meanings aimed to be surfaced. The paper eventually is based as a methodological tool on the Content Analysis. Tracing the evolutionary path, the question under vigilance is seeked and the construction and eventual solution is sought.
Authors and Affiliations
Dhaar Mehak Majeed
Keywords
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