ABSTRACT
The debate on the concept of rationality is a key to interpret the epistemological status of economics: starting from classical economics, scholars have always assumed some rational model of man, at least as a minimum requirement of consistency in choices; nonetheless, only with explicit neoclassical and Austrian modelling, the discussion entered an advanced stage. New fuel has been provided by experimental economics’ results helping scholars thinking about real-world applicability of the neoclassical paradigm. In recent years, new perspectives and empirical evidence on computability have complemented the economist's toolkit with frugal and efficient heuristics allowing real humans tackle computationally hard problems. In this chapter some crucial nodes of the debate, as reported by Panico in 2012, is discussed and expanded to contribute to the history of rationality in economics. Many early critical insights are remarkably enriched and our comprehension of how humans make economic choices is strengthened.
