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Simon and Knight

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  • Spender, J. C.

Abstract

This chapter contrasts Simon's approach with that of Frank Knight, who was a significant figure in the Chicago economics department at the time. It explores how Simon's ideas, such as bounded rationality and satisficing, have been influential in fields like management and artificial intelligence, despite being somewhat overlooked by mainstream economics and public administration.

Suggested Citation

  • Spender, J. C., 2024. "Simon and Knight," MPRA Paper 120891, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:120891
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    File URL: https://mpra.ub.uni-muenchen.de/120891/1/MPRA_paper_120891.pdf
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    References listed on IDEAS

    as
    1. Herbert A. Simon, 1967. "The BUSINESS SCHOOL A PROBLEM IN ORGANIZATIONAL DESIGN," Journal of Management Studies, Wiley Blackwell, vol. 4(1), pages 1-16, February.
    2. Esther-Mirjam Sent, 2005. "Simplifying Herbert Simon," History of Political Economy, Duke University Press, vol. 37(2), pages 227-232, Summer.
    3. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, April.
    4. Simon, Herbert A., 1952. "Comments on the Theory of Organizations," American Political Science Review, Cambridge University Press, vol. 46(4), pages 1130-1139, December.
    5. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 99-118.
    6. Wesley C. Mitchell, 1914. "Human Behavior and Economics: A Survey of Recent Literature," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 29(1), pages 1-47.
    7. Pier Francesco Asso & Luca Fiorito, 2008. "Was Frank Knight an Institutionalist?," Review of Political Economy, Taylor & Francis Journals, vol. 20(1), pages 59-77.
    8. Ross B Emmett, 2021. "The writing and reception of Risk, Uncertainty and Profit," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 45(5), pages 883-900.
    9. Simon, Herbert A. & Drucker, Peter F. & Waldo, Dwight, 1952. "“Development of Theory of Democratic Administration”: Replies and Comments," American Political Science Review, Cambridge University Press, vol. 46(2), pages 494-503, June.
    10. Perry, Charner, 1950. "The Semantics of Political Science," American Political Science Review, Cambridge University Press, vol. 44(2), pages 394-406, June.
    11. Moore, Gregory, 2003. "John Neville Keynes's Solution to the English Methodenstreit," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(1), pages 5-38, March.
    12. Frank H. Knight, 1925. "Economic Psychology and the Value Problem," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 39(3), pages 372-409.
    13. Hosseini, Hamid, 2003. "The arrival of behavioral economics: from Michigan, or the Carnegie School in the 1950s and the early 1960s?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(4), pages 391-409, September.
    14. Sent, Esther-Mirjam, 2004. "The legacy of Herbert Simon in game theory," Journal of Economic Behavior & Organization, Elsevier, vol. 53(3), pages 303-317, March.
    15. Simon, Herbert A., 1978. "The uses of mathematics in the social sciences," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 20(3), pages 159-166.
    16. Waldo, Dwight, 1952. "Development of Theory of Democratic Administration," American Political Science Review, Cambridge University Press, vol. 46(1), pages 81-103, March.
    17. Todd, Peter M. & Gigerenzer, Gerd, 2003. "Bounding rationality to the world," Journal of Economic Psychology, Elsevier, vol. 24(2), pages 143-165, April.
    18. Warren S. Gramm, 1975. "Chicago Economics: From Individualism True to Individualism False," Journal of Economic Issues, Taylor & Francis Journals, vol. 9(4), pages 753-775, December.
    19. Wesley C. Mitchell, 1910. "The Rationality of Economic Activity," Journal of Political Economy, University of Chicago Press, vol. 18(3), pages 197-197.
    20. Coker, F. W., 1922. "Dogmas of Administrative Reform: As Exemplified in the Recent Reorganization in Ohio," American Political Science Review, Cambridge University Press, vol. 16(3), pages 399-411, August.
    21. Hodgson, Geoffrey M, 1998. "On the Evolution of Thorstein Veblen's Evolutionary Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(4), pages 415-431, July.
    22. J. Daniel Hammond, 1991. "Frank Knight's Antipositivism," History of Political Economy, Duke University Press, vol. 23(3), pages 359-381, Fall.
    23. Lowi, Theodore J., 1992. "The State in Political Science: How We Became What We Study," American Political Science Review, Cambridge University Press, vol. 86(1), pages 1-7, March.
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    More about this item

    Keywords

    Herbert Simon; Frank Knight; Economics;
    All these keywords.

    JEL classification:

    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • N0 - Economic History - - General

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