Simplifying Herbert Simon

In 1978, the Bank of Sweden awarded its Prize in Economic Sciences in Memory of Alfred Nobel to Herbert M. Simon for his pioneering research into the decision-making process within economic organizations. (Lindbeck, 1992). In his research on decision making, Simon started from the conviction that hu...

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Bibliographic Details
Published in:History of political economy 2005-07, Vol.37 (2), p.227-232
Main Author: Sent, Esther-Mirjam
Format: Article
Language:English
Subjects:
Decision making
Economic theory
Economics
Economists
European History
History
History of economic thought
Nobel prizes
Political economy
Rationality
Simon, Herbert
Simon, Herbert Alexander
U.S. History
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Summary:In 1978, the Bank of Sweden awarded its Prize in Economic Sciences in Memory of Alfred Nobel to Herbert M. Simon for his pioneering research into the decision-making process within economic organizations. (Lindbeck, 1992). In his research on decision making, Simon started from the conviction that human rationality was bounded due to external, social constraints and internal, cognitive limitaions. Since neoclassical economics gave too little attention to these decision-making restrictions, Simon felt it was not at all serious about describing the formal foundations of rationality, whereas he was. For Simon, the theories of bounded rationality were opposed to neoclassical theories. The attempts to make a nonorthodox economist palatable for the Nobel Prize committee and to recruit a critic of neoclassical economics to strengthent he mainstream call for detailed historical evaluations.
ISSN:0018-2702
1527-1919
DOI:10.1215/00182702-37-2-227