Grappling with Social Sciences Thinking of (Ir)rationality Paradox during Times of Uncertainty

Abstract

"The thrust of this theoretically informed paper is to assess human understanding of the paradoxical concepts of rationality and irrationality - more so from the derived view of economic theory and the layman’s understanding, which is socially informed by behavioural disposition as dictated by events outside of human control. The analytical outcome of the paper has shown that the (ir)rational state of the human being can truly be affirmed when our state of well-being is subjected to circumstances informed by uncertainties/abnormal conditions. While actors like the state (informed by its core agents in the fiscal and monetary sectors) can help support the market system, the human state of (ir)rationality as dictated by the existence of shocks/uncertainties is constantly tested to ensure the best situation is maximised when exposed to difficult situations. In conclusion, the paper has affirmed the need for a rethink of the theoretical proposition to accommodate continuous testing through practical engagement on how human beings can adjust their expectations when faced with uncertainties. "