The criterion of efficiency dictates that choice of alternatives which produces the largest result for the given application of resources. - Herbert Simon

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The criterion of efficiency dictates that choice of alternatives which produces the largest result for the given application of resources.

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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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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.
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