But that thinking was largely cast aside in the 1960s, when my profession embraced the theory that efficient markets formed by people holding rational expectations could explain virtually all economic activity.
"I don't believe you could have listened to Mr. Moussaoui on Monday and not had concerns as to whether he was holding rational beliefs about counsel's role in this matter," Mr. MacMahon said, adding: "I don't think it's my job to decide whether he's rational in the political beliefs that he holds.
An additional concern is that (1*) is ill-suited to serve as the content of a rational intuition because its content is a mere possibility claim and rationalists often hold that rational intuition involves in some way an appearance of necessity.
Fifteen years ago, you just couldn't hold a rational discussion; even private-sector economists would refuse to criticize any government policy, no matter how absurd.
There are other options, but sadly we cannot hold a rational public debate as serving officers or politicians who dare challenge the "war on drugs" orthodoxy justifiably fear being pilloried by our national press.
In the limit, an Objective Bayesian would hold that rational constraints uniquely determine prior probabilities in every circumstance.
For me, TM acted like a an ice pack placed directly on the heated up and hyper-vigilant part of my brain that couldn't calm down, that couldn't think straight, that couldn't hold a rational or coherent thought.
Known as rational choice theory, this holds that political actors make rational decisions after weighing all the pros and cons.
In many domains, academic as well as professional and political, it is a generally held view that people make rational judgements and thus are assumed to think, act, decide and behave according to the rational agent model [24].
