European Journal of Economics and Economic Policies: Intervention

Forum: The Rationality Hypothesis: Help or Hindrance?

Abstract

First paragraph

The assumption of rational decision-making, the maximising or optimising homo oeconomicus, belongs to the fundamental elements of the neoclassical mainstream. It is also an element that has been hotly attacked and defended for a long time without a convincing victory for one side or the other. The following considerations – though none of them is completely new – should help to show why such a one-sided victory is neither likely nor desirable.

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