4 ms·
That statement is obviously drivel. On this though > Also, in parallel, Herb Simon started in the earnest in the 1960's and, a short time later It's actually
by bachmeier 6y ago
That statement is obviously drivel. On this though
> Also, in parallel, Herb Simon started in the earnest in the 1960's and, a short time later
It's actually worse than you've stated. Herb Simon was working at Carnegie Mellon on bounded rationality and a student of his, John Muth, studied a special, unrealistic case called rational expectations. The topic was basically ignored until the early 1970s when Lucas (working at CMU) familiarized himself with Muth's work. After a great deal of opposition, and some years, rational expectations became the dominant paradigm in macroeconomics. You have to be willfully ignorant to claim economists have always assumed rationality. Simon had his Nobel for his work on bounded rationality long before Lucas got his, and Muth never even got a Nobel.
- zwaps 6y agoI was willing to let the author count Arrow, Debreu, Samuelson etc. as rational actor economists, perhaps also Savage, von Neuman&Morgenstern and so forth. Even then, that's not nearly 150 years and is - as you say - reigned in soon after by bounded rationality, experimental econ and behavioral in general. I mean, Karl Marx and people like Veblen would also fall under this umbrella. Truly, the author has an ego, we can say that much.