Modem mainstream economic theory bravely assumes that peopl… - Herbert Simon

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Modem mainstream economic theory bravely assumes that people make their decisions in such a way as to maximize their utility. Accepting this assumption enables economics to predict a great deal of behavior (correctly or incorrectly) without ever making empirical studies of human actors.

Herbert Simon

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About Herbert Simon

Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was an American political scientist whose research ranged across the fields of cognitive psychology, computer science, public administration, economics, management, philosophy of science and sociology and was a professor, most notably, at Carnegie Mellon University. With almost a thousand often very highly cited publications he is one of the most influential social scientists of the 20th century.

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Native Name: Herbert A. S

Alternative Names: Herbert A. Simon • Herbert Alexander Simon

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Kenneth Arrow Kenneth E. Boulding C. West Churchman Russell L. Ackoff Charles Perrow

Additional quotes by Herbert Simon

# Rationality requires a complete knowledge and anticipation of the consequences that will follow on each choice. In fact, knowledge of consequences is always fragmentary

A wealth of information creates a poverty of attention.

#Since these questions lie in the future, imagination must supply the lack of experienced feeling in attaching value to them. But values can be only imperfectly anticipated.

Modem mainstream economic theory bravely assumes that people make their decisions in such a way as to maximize their utility. Accepting this assumpti… - Herbert Simon

About Herbert Simon

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Additional quotes by Herbert Simon