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I think the economic notion of "rationality" actually gets a lot less credit than it deserves. While there are definitely situations in which consumers do not behave rationally (in the economic sense), they are relatively few and far between.

There are lots of situations in which consumers do not behave according to an observer's (non-economic) notion of "rationally". This is rarely a failure of economic rationality, and much more often a failure of the observer to understand the consumer's notion of utility or cost (or both).

My GF is an economist, and she takes great exception at any phraseology that describes people as irrational. As far as she's concerned, everybody is rational. See this for more details: http://mises.org/library/what-do-austrians-mean-rational

Praxeology is a fringe theory espoused by radical libertarians. I'd even go so far as to call it a just-so story.

That's fair.