Aspects of Bounded Rationality in Resource Use

Abstract

Rationality in economics, corroborated with the idea that human action, essentially economic life, cannot be consumed far from rationality, as it has been analyzed by all economic thinkers, is neither inscribed in the sphere of purity nor is it whole. The evolution of economic science has allowed both positive and counter-ideas of rationality, what is worth emphasizing is the fact that the imperfection of economic rationality has been admitted even by its fiercest defenders. The resources attracted and used, viewed in absolute terms, have increased and diversified continuously, on the other hand, relative to the growth and diversification of needs, resources have been and remain limited. In this sense, people's permanent preoccupation with choosing resources and ranking their use to better satisfy needs is the fundamental problem of organizing any economy. Through this paper, it is proposed to analyze through a bibliographic study, comparing the qualitative causal link between the forms of rationality used in economic science. Rationality in economics arose as a result of the limitation of resources, this concept is practically the essence of economic science.

Keywords

• economic rationality
• perfect rationality
• imperfect rationality
• bounded rationality