Rational economic person
Chapter 4 endnote 59, from Lisa Feldman Barrett.
Some context is:
This concept [the rational economic person] was a foundation of Western economic theory, and though it has fallen out of favor among academic economists, it has continued to guide economic practice. [...] Notably, the last century of seesawing among crisis, increased regulation, complaints, and decreased regulation, followed by another crisis.
For many years, economists believed that the human mind was a battleground for rationality vs. emotionality. This belief was based, among other things, on an outdated understanding of brain evolution, called the triune brain: A reptilian core (for appetites, such as hunger and sex), cloaked in a mammalian limbic system for passions/emotion, which itself is controlled by a cerebral cortex for rationality. Decades of experiments — not to mention real world financial crises — dethroned the rational economic man, revealing his cloak to be invisible. This gave rise to the era of the irrational man, who is unable to contain his inner beast. This man, like his predecessor, was still assumed to have a brain with rational and irrational parts in a battle to the death. But, as I discuss in How Emotions are Made, dual process theories of human economic behavior (e.g., rationality vs. emotionality) are outdated, no matter who scientists are betting on to win.