Reconstructing ‘Rationality' in the Market Situation

Abstract

‘Market' has been an element of debate since time immemorial; as a result, it has generated intense arguments from different corners of society and disciplines. Both in academic and practical perspective market are being discussed. Market transactions are supposed to be ‘rational' as defined in the classical economic thinkers. The concept of ‘rationality' is debated in the context of monetary from an economic perspective, vis-í -vis sociological along with historical, cultural, anthropological perspectives. It is argued both for and against, the way market is structured, its functioning pattern, changing forms, also the different positions upheld by different disciplines. Though the market has grown beyond imaginations in terms of its operation, and contents, the participants of the market still remain human beings and they are part of society.