Research ArticleOpen accessIn the keywordsIrrationality in the Neoclassical Definition of RationalitySteve KeenIn this study we are not arguing that competition as it actually occurs in practice is not socially beneficial. Our criticism is directed instead at the false belief that rational profit-maximizing behavior and competition as defined by neoclassical economic theory will lead to a welfare-maximizing outcome-again, as defined by neoclassical theory. …American Journal of Applied Sciences, Vol. 2, Issue 13 · 18 Dec 2005 · 8,302 accessesView PDFCite