ECONOMIC RATIONALISM: CONCEPT, EVOLUTION AND THEORETICAL LIMITATIONS
DOI:
https://doi.org/10.47390/SPR1342V6I4Y2026N21Keywords:
economic rationalism, homo economicus, rational choice theory, axiology, ontology, economic consciousness, neoclassical economics, methodological individualism, social inequality, economic justice, ecological economics, behavioral economics, institutional economics, value transformation, philosophical analysis.Abstract
This article provides a comprehensive philosophical analysis of economic rationalism, focusing on its conceptual foundations, historical evolution, and theoretical limitations. Economic rationalism is examined not merely as an analytical tool within economics, but as a broader philosophical paradigm that shapes the understanding of human nature. Particular attention is given to the critical evaluation of the homo economicus model, highlighting its ontological and axiological constraints. The study argues that the neoclassical interpretation of rationality reduces human beings to utility-maximizing agents, neglecting their social, cultural, and ethical dimensions. Furthermore, the article explores the transformation of economic rationalism from classical political economy to contemporary approaches, including behavioral, institutional, and ecological economics. The findings suggest that while economic rationalism remains a significant analytical framework, its explanatory capacity is limited, necessitating its expansion through the integration of value-based, social, and environmental considerations.
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