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In the focus of the paper there are some basic insights and ideas of rational choice theory, that is the "core" of contemporary economic theory. Also, rational choice theory is the "center" of modern political science and is used in various other scientific disciplines, such as: sociology, philosophy, political science, psychology, and the like. There are two main goals of this paper. One is to point out the limitations of rational choice theory as one of the theories of economic behavior (and decision making). The second goal is to analyze certain problems detected during the application of the rational choice theory in economics and to adequately consider the importance of alternative concepts, models, and theories from the point of view of improving the understanding of economic, social, political, and other processes in the economy and society as a whole.

Challenges of rational choice theory in contemporary economic science