"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."
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Classical economistsAcademics from ScotlandPhilosophers from ScotlandEconomists from ScotlandSociologists from Scotland
Original Language: English
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Sources
Herbert Simon, An Empirically-Based Microeconomics (1997), pp. 8-9
https://en.wikiquote.org/wiki/Adam_Smith
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Adam Smith
1723 – 1790
schottischer Moralphilosoph und Ă–konom
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