The notion of rationality in economic theory

The conception of rationality lies in the foundations of modern economic theory. Rationality of human action presents the general presumption of the theory of decision-making. Nevertheless the form of conceptualization of the racionality remains questionable. The generalization of the term of rationality represents an important question from the reason, that economic theory makes recommendations to the policy. And if the rationality is unreal and empirical unconfirmed, then realized institutional reforms can tend to another (sometimes undesirable) ends. The aim of this contribution is to briefly sketch the presumptions of conventionally recived definition of rational action and classical objections to this notion. The classical objections lead to emergence of alternative theories of the rationality of action. The contribution is devoted to evolutional approach (Armen Alchian), another approach represents limited rationality (Herbert A. Simon) and Austrian school (Ludwig von Mises).