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Lex Phonographica 10: Herbert A. Simon, Rationality in Psychology and Economics (1986)

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In 1986, the American economist, political scientist and cognitive psychologist Herbert Simon published "Rationality in Psychology and Economics" in the Journal of Business. Continuing with Simon's critique of neoclassical assumptions of economic behavior, Simon asserts that the standard of rationality used in neoclassical economic analysis is insufficient to analyze the real world. In particular, he critiques the over-use of assumptions in the works of Gary Becker and others, that he contends makes economic science unreplicable and ascientific. "Research into the decision-making process within economic organizations" won Simon the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1978.

This article was read by Luce Nguyen, who is on Twitter at @NguyenLuce.



Hosted on Acast. See acast.com/privacy for more information.

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789 episodes

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Manage episode 298203519 series 2536565
Content provided by CC0/Public Domain. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by CC0/Public Domain or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

In 1986, the American economist, political scientist and cognitive psychologist Herbert Simon published "Rationality in Psychology and Economics" in the Journal of Business. Continuing with Simon's critique of neoclassical assumptions of economic behavior, Simon asserts that the standard of rationality used in neoclassical economic analysis is insufficient to analyze the real world. In particular, he critiques the over-use of assumptions in the works of Gary Becker and others, that he contends makes economic science unreplicable and ascientific. "Research into the decision-making process within economic organizations" won Simon the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1978.

This article was read by Luce Nguyen, who is on Twitter at @NguyenLuce.



Hosted on Acast. See acast.com/privacy for more information.

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