Herbert A. Simon, (1947). Administrative Behavior: A Study of Decision-Making Processes in Administrative Organization. p. 198.
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The principle of bounded rationality [is] the capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world — or even for a reasonable approximation to such objective rationality.
— Herbert A. Simon on Bounded rationality
What It Means
This is a placeholder explanation generated by the low-overhead model. It interprets "The principle of bounded rationality [is] the capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world — or even for a reasonable approximation to such objective rationality." in the context of "Herbert A. Simon, (1947). Administrative Behavior: A Study of Decision-Making Processes in Administrative Organization. p. 198." to mean that wisdom is timeless.
Source: Wikiquote: "Bounded rationality" (Quotes: Quotes are arranged alphabetically by author, S - Z)
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About Herbert A. 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.
About Herbert A. 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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