J Satpathy1* and Suniti Mund2
1Srinivasa University, India and Management University of Africa, Kenya
2Socio - Economics Researcher, Bhubaneswar, India
*Corresponding Author: J Satpathy, Srinivasa University, India and Management University of Africa, Kenya.
Received: May 06, 2022; Published:
The assumption about the high rationality of economic agents has been key to the construction of modern economic theory, which began to take shape, as a separate science, approximately with the neoclassical (Jevons, Walras, etc.) during the nineteenth century. In terms of Lakatos, one of the most influential epistemologists of the twentieth century, all science has a hard core, which is very difficult to refute, to modify, and in which there are certain premises that nobody usually discusses, and all accept them as basal foundation from where the current models start. And the premise of rationality that prevailed in economics is that of the hyper-maximizing human being, always tending towards quasi-perfect cost-benefit evaluations as the basis of each economic decision; this is perhaps the fundamental assumption on which the neoclassical built modern economic theory, and which is still valid today, beyond the numerous criticisms received over the past two centuries, with the School of Behavioral Economics and Neuroeconomics among the most recent critics.
Citation: J Satpathy and Suniti Mund. “Retrospective View on Reason, Emotion and Economic Theory". Acta Scientific Neurology 5.6 (2022): 00-00.
Copyright: © 2022 J Satpathy and Suniti Mund. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.