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How to study economic rationality in the 21 st century?

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  • D. P. Frolov

Abstract

The study of rationality in economics is developing in two directions. On the one hand, under the influence of long-standing criticism, institutional and behavioral factors have been actively integrated into formal models of rational choice, thereby strengthening the mainstream. On the other hand, mainstream rational choice theory is being criticized by alternative theories exploring ecological, inclusive, and enactive rationality. These approaches shift attention from the structure of preferences and the cognitive limitations of individuals to their adaptation to the environment through the use of heuristics, social interactions, and institutions. The current consensus on rationality will change under the influence of developments in cognitive science and the associated research program of extended cognition (4E-cognition). 4E-approaches emphasize the active agency of individuals, the immersion of thinking in the external environment and the dynamism of interactions with it, the critical role of social cognitive systems and cognitive institutions in rational choice.

Suggested Citation

  • D. P. Frolov, 2025. "How to study economic rationality in the 21 st century?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 12.
    • Handle: RePEc:nos:voprec:y:2025:id:5513
    DOI: 10.32609/0042-8736-2025-12-32-55
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