Global rationality, the rationality of neoclassical theory, assumes that the decision maker has a comprehensive, consistent utility function, knows all the alternatives that are available for choice, can compute the expected value of utility associated with each alternative, and chooses the alternative that maximizes expected utility. Bounded rationality, a rationality that is consistent with our knowledge of actual human choice behavior, assumes that the decision maker must search for alternatives, has egregiously incomplete and inaccurate knowledge about the consequences of actions, and chooses actions that are expected to be satisfactory.
Herbert SimonRelated topics
alternative choice comprehensive compute human knowledge satisfactory search utility value global neoclassicalRelated quotes
It's universally wrong to steal from your neighbor, but once you get beyond the-one-to-one level and pit the individual against the multinational conglomerate, the federal bureaucracy, the modern plantation of agro-buinsess, or the utility company, it becomes strictly a value judgement to decide exactly who is stealing from whom. One person's crime is another person's profit. Capitalism is license to steal; the government simply regulates who steals an how much. I always wanted to put together an outlaw handbook that would help raise consciousness on these points while doing something about evening the score. There was also the challenge of testing the limits of free speech.
Abbie Hoffman
Some students of philosophy have unreasonably high expectations of the subject. They expect it to provide them with a complete and detailed picture of the human predicament. They think that philosophy will reveal to them the meaning of life, and explain to them every facet of our complex existences. Now, although studying philosophy can illuminate fundamental questions about our lives, it does not provide anything like a complete picture, if indeed there could be such a thing. Studying philosophy isn't an alternative to studying art, literature, history, psychology, anthropology, sociology, politics, and science.
Nigel Warburton
You may not be her first, her last, or her only. She loved before she may love again. But if she loves you now, what else matters? She's not perfect-you aren't either, and the two of you may never be perfect together but if she can make you laugh, cause you to think twice, and admit to being human and making mistakes, hold onto her and give her the most you can. She may not be thinking about you every second of the day, but she will give you a part of her that she knows you can break-her heart. So don't hurt her, don't change her, don't analyze and don't expect more than she can give. Smile when she makes you happy, let her know when she makes you mad, and miss her when she's not there.
Bob Marley
The rewards of an increasingly integrated global economy have brought forth a new global elite. Labeled 'Davos Men', 'gold-collar workers' or 'cosmocrats', this emerging class is empowered by new notions of global connectedness... Estimated to number about 20 million in 2000, of whom 40 percent were American, this elite is expected to double in size by 2010. Comprising fewer than 4 percent of the American people, these transnationalists have little need for national loyalty, view national boundaries as obstacles that thankfully are vanishing, and see national governments as residues from the past whose only useful function is to facilitate the elite's global operations.
Samuel P. Huntington
Everything that psychology has learned about the processes of human choice is consistent with the view expressed by Adam Smith. People do have reasons for what they do, but these reasons depend very much on how people frame or represent the situations in which they find themselves, and upon the information they have or obtain about the variables that they take into account. Their rationality is a procedural rationality; there is no claim that they grasp the encironment accurately or comprehensively. To predict their behavior in specific instances, we must ourselves know what they are attending to, and what information they have.
Adam Smith