Editing Rationality (section)

===Economics===
Rationality plays a key role in economics and there are several strands to this.<ref>{{cite book|title=Foundations of Rational Choice Under Risk|publisher=Oxford University Press|author=Paul Anand|year=1993|isbn=0198233035}}{{page needed|date=July 2019}}</ref> Firstly, there is the concept of instrumentality—basically the idea that people and organisations are instrumentally rational—that is, adopt the best actions to achieve their goals. Secondly, there is an axiomatic concept that rationality is a matter of being logically consistent within your preferences and beliefs. Thirdly, people have focused on the accuracy of beliefs and full use of information—in this view, a person who is not rational has beliefs that do not fully use the information they have.

Debates within economic sociology also arise as to whether or not people or organizations are "really" rational, as well as whether it makes sense to model them as such in formal models. Some have argued that a kind of [[bounded rationality]] makes more sense for such models.

Others think that any kind of rationality along the lines of [[rational choice theory]] is a useless concept for understanding human behavior; the term ''[[homo economicus]]'' (economic man: the imaginary man being assumed in economic models who is [[logically consistent]] but amoral) was coined largely in honor of this view. [[Behavioral economics]] aims to account for economic actors as they actually are, allowing for psychological biases, rather than assuming idealized instrumental rationality.