AN INSIGHT INTO THE RATIONALITY OF ECONOMIC ENTITIES: EMERGING FROM CRISES WITH NEW APPROACHES TO SOCIAL SCIENCES

Mainstream economic thought has grappled with the concept of rationality as a premise for most macroeconomic scenarios. Nevertheless, the notion that entities operate solely based on the information available and are constantly searching to maximize their utility has been placed under scrutiny in various situations. Simplistic assertions have been formulated in support of neoclassical models, disregarding the intricate nature of social phenomena. Contemporary economic developments are characterized by complexity, and consequently, require an updated methodology.